Hundreds of millions of dollars are lost to credit card fraud every year. As consumers have shifted toward online and contactless payments, cybercriminals have gotten ever more creative at stealing credit card information. According to the Federal Trade Commission (FTC), there were 389,737 reports of credit card fraud in 2021, more than twice the number reported in 2019.
With so much money getting stolen, you might wonder, who gets stuck with the bill? Do credit card thieves ever get caught? Do banks or the police actually investigate? Read on to learn how credit card theft happens, how (and how often) scammers get snagged, and what you can do to protect yourself from fraudulent charges.
What Is Credit Card Fraud?
Credit card fraud is the unauthorized use of your credit card or account information to make purchases. There are two main types of credit card fraud:
- In-person (or card-present) fraud. This is when someone steals your physical credit card or creates a counterfeit card with your account information and uses the card in person at a store.
- Remote (or card-not-present) fraud. This occurs when someone uses your credit card account information to make a purchase from a remote location, such as online, over the phone, or by mail.
The increasing use of EMV chip cards has made it harder for criminals to engage in credit card skimming, a scam that involves adding a device to a credit card scanner that transmits the card data to a nearby mobile device. The data is then used to make a counterfeit card.
In the digital age, credit card scams often happen via phishing. This is when thieves try to get account information (including your security code (or CVV) from you via email or over the phone. For example, you might get an email that looks like it’s from your financial institution. It might direct you to a website where you will be asked for your card information. Or, the message may ask you to click on a link that then adds spyware to your phone or computer. Credit card fraud also commonly happens via hacking, which is when a business that stores your card information gets hacked and your card information is stolen in a data breach.
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How Are Credit Card Frauds Caught?
Once you alert your bank or credit card issuer about unauthorized transactions, they will typically block the card, send you a new one, and begin a fraud investigation. This type of investigation typically involves contacting the merchant that charged your card to get more details about the transaction, including a timestamp, IP address, and location data. If it was made in person, they may ask for relevant security camera footage. They will also look for patterns, which can often help identify a thief. They may then file a police report for further investigation.
How Often Do Credit Card Frauds Get Caught?
Unfortunately, less than 1% of credit card cases are solved by the police. Unless a family member stole your card information, it’s fairly rare that credit card thieves are caught.
One reason is that many fraudsters use anonymous services and advanced technology that make it difficult to track them down. Another problem is that victims of credit card fraud typically don’t bother to report it to the police. They simply report it to their bank. While the bank will launch an internal investigation, they might not make a police report if the amount is not high, since they likely have insurance to cover the loss.
Even if the bank does report the fraud to the police, it may not go anywhere. Due to limited resources and the smaller amounts typically stolen in fraud cases, police generally don’t dig very deeply into these cases.
How Do Credit Card Companies Investigate Fraud?
In most cases, credit card fraud investigations are handled by the card’s issuing bank, not the card network (such as Visa or Mastercard). Once a customer makes a complaint, the bank will likely closely examine the transaction details. It will gather any relevant information to determine if fraud took place and, if so, who will pay for the fraud.
This type of investigation will usually include looking at:
- Transaction timestamps This reveals when the buyer made the purchase.
- IP address If the IP address doesn’t match that of the cardholder, it can suggest fraudulent activity
- Geolocation data This can help pinpoint where the buyer was located when they made the purchase.
- Buying patterns Here, the bank is looking to see if the purchase appears outside of the cardholder’s typical pattern. For example, is this something they would typically purchase?
- Account activity The bank will look at whether the charge was a single incident or if there were several unauthorized transactions tied to the cardholder’s account.
If the bank determines that the charge was fraudulent, they may choose to contact the authorities. If there are signs suggesting a larger pattern — particularly if it crosses state lines — they may choose to report it to the U.S. Federal Bureau of Investigation (FBI). Generally, however, the bank will handle the situation through their internal fraud team. In cases of fraud, the cardholder’s liability is limited to $50 for a credit card transaction by law. Many banks, however, offer zero liability if the unauthorized charge is reported within 30 days.
What Fraud Protection Measures Do Credit Card Issuers Provide?
Preventing fraud is important to credit card companies, as the investigation and disputed charges cost them big money. That’s why credit card issuers often provide fraud protections such as:
- EMV chips Unlike traditional magnetic swipe cards, these cards are embedded with a small gold- or silver-colored microchip that makes it harder to copy the information stored on the credit card.
- Contactless credit cards Tapping a card or using a mobile device with a digital wallet at the point of sale can be safer than swiping or even inserting your card. Many cards come with contactless payment on the card and are compatible with the digital wallet on your smartphone.
- Virtual card numbers These are temporary card numbers that can be created online or through an app that safeguard your real card information.
- Card lock This is a feature that allows you to freeze your credit card account from your online account or mobile app so no one is allowed to use it. Card lock prevents anyone from making new purchases, while recurring automatic transactions, like subscriptions, go through.
How Long Does It Take to Catch a Credit Card Theft?
It can take anywhere from a few weeks to several months to investigate credit card theft. During this time, the bank will be in touch with the merchant who made the charge to the card to get more information about the transaction in question.
What to Do if You Are a Victim of Credit Card Fraud
There are a few steps to take if you believe you are a victim of credit card fraud.
- Contact your credit card issuer right away. As soon as you notice your card is missing or you see an unauthorized charge, get in touch with your card issuer. They can cancel your card (preventing any further charges) and send you a replacement.
- Change your account passwords. Unless your card was lost or stolen, you can’t be sure how the thief got your credit card information. For this reason, it can be a good idea to change passwords to any accounts where your card information was stored.
- Add a fraud alert to your credit reports. This will bolster the verification process if someone applies for credit using your identity. When you request an alert with one of the three major credit reporting bureaus, they will notify the others.
- Lock (or freeze) your credit report. If you notice multiple credit cards or financial accounts being used without your knowledge, you may want to contact the major credit bureaus to request a credit freeze or lock. This prevents new creditors from accessing your credit report, and, in turn, anyone from opening an account in your name. (However, you’ll need to remember to remove the lock if you want to apply for a new account.)
- File a complaint with the Federal Trade Commission (FTC). The FTC will refer your complaint to the relevant authorities and offer resources to get you back on track. Typically, filing an FTC complaint means you don’t need to file a police report.
Avoiding Credit Card Fraud
There are several simple measures you can take to prevent credit card fraud from occurring. These include:
- Keeping your wallet and cards secure. Make sure your wallet is safely tucked inside your bag or front pocket, and always check that your card is in your wallet when you come home.
- Keeping close tabs on your account. Rather than wait until your monthly credit card statement is issued, it’s a good idea to frequently check activity on the account by going online or using your credit card’s app. This way, you’ll be able to spot (and resolve) any problems right away.
- Not carrying all your credit cards at the same time. If your wallet gets stolen, you may forget to call one of the credit card issuers to report the theft.
- Never giving your account information to someone who contacts you. If someone calls, emails, or texts you claiming to represent your bank or credit card company, refrain from giving out any personal information. Simply call your bank or issuer directly to see if the query was legitimate.
- Setting up account alerts. You may be able to set up alerts for your credit card account, such as getting a text for any online (or “card not present”) transaction, or any transaction that exceeds a certain amount. This can help you spot unauthorized transactions and dispute them right away.
- Using a secure connection. Information can be stolen over public Wi-Fi. When shopping online, it’s better to use a personal device and a private Wi-Fi connection.
The Takeaway
Credit card fraud is an unfortunate fact of life. Fortunately, credit card companies and merchants have put a number of safety measures in place, and they will investigate fraud if it does happen. More good news: You likely won’t be responsible for any unauthorized charges if you report the card stolen or dispute unauthorized transactions in a timely fashion.
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This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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Mortgage rates & foreclosures are soaring. Here’s where they’re worst
With foreclosure activity up steadily between July and August, the experts at ATTOM Data Solutions consider this a sign that foreclosure starts are returning to 2019 levels–foreclosure starts in August 2022 were over 85% of what they were in August 2019.
While foreclosure activity has been on the rise since the expiration of pandemic relief programs, the good news is that experts believe repossessions will be even lower than before the pandemic due to a majority of borrowers in foreclosure having positive equity in their homes. This means that borrowers can sell their properties at a profit and avoid foreclosure auctions or lender repossessions.
Despite mortgage interest rates blasting through the 6% threshold for the first time in roughly 14 years, and fears of a recession continuing to make headlines, home prices show no signs of dramatically cooling off. For instance, the July 2022 median U.S. home price of $403,800 was nearly 11% higher than the $364,600 median U.S. home price in July 2021. At the same time, the housing supply remains at a deficit, which experts expect to continue for the foreseeable future due to a combination of factors, such as a shortage of construction labor, zoning restrictions, and raw material costs.
The overall rate of foreclosure filings increased by close to 14% between July and August. This uptick follows the dip in foreclosure activity between June and July, which experts believed was likely related to a typical Q3 seasonal drop. The number of U.S. properties with foreclosure filings in August was 34,501, according to ATTOM Data Solutions. This is up close to 118% from a year ago when foreclosures remained at historic lows due to federal government and mortgage servicing industry pandemic protections.
Read on for the foreclosure rates in August 2022 – plus the five counties with the highest rates within those states.
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As noted, foreclosure rates rose steadily compared to last month, but are up significantly compared to last year. Read on for August foreclosure rates for all 50 states — plus the District of Columbia — beginning with the state that had the lowest rate of foreclosure filings per housing unit.
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Ranking in population between Vermont and Alaska, the country’s 49th and 48th least populated states, Washington, D.C. had 30 foreclosures in August. With a total of 350,364 housing units, Washington, D.C.’s foreclosure rate was one in every 11,679 households, putting it in between the states of Kentucky (#46) and Nebraska (#45).
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In 49th place for population, Vermont claimed the 50th spot for its foreclosure rate. Of the Green Mountain State’s 334,318 housing units, three homes went into foreclosure at a rate of one in every 111,439 households. Only three counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Grand Isle, Lamoille, and Windham.
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North Dakota’s foreclosure rate was one in every 37,064 homes. That puts the fourth least populated state – with 370,642 housing units and 10 foreclosures — in 49th place. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Cass, Morton, Ward, and Grand Forks.
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South Dakota slipped to the 48th spot in August. Having 389,921 total housing units, the fifth least populated state had a foreclosure rate of one in every 35,447 households with 11 foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Faulk, Mccook, Codington, Clay, and Minnehaha.
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The 39th most populated state, West Virginia, ranked 47th once again. It has 855,635 homes, of which 58 went into foreclosure. That means the foreclosure rate was one in every 14,752 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Marion, Kanawha, Upshur, Raleigh, and Wayne.
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With a total 1,994,323 housing units, Kentucky saw 148 homes go into foreclosure. That put the foreclosure rate for the 26th most populated state at one in every 13,475 households and in 46th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Estill, Muhlenberg, Campbell, and Lyon.
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Ranked 37th for population, Nebraska claimed the 45th spot with a foreclosure rate of one in every 10,172 homes. With a total 844,278 housing units, the state had 83 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Deuel, Garfield, Gosper, Cherry, and Kimball.
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The 44th most populated state took the 44th spot. With 51 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 10,094 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Wheatland, Roosevelt, Sheridan, Dawson, and Big Horn.
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The 38th most populated state, Idaho had 78 homes go into foreclosure. With 751,859 total housing units, the state’s foreclosure rate was one in every 9,639 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Shoshone, Washington, Fremont, Nez Perce, and Benewah.
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With 299 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populated state, had a foreclosure rate of one in every 9,123 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Douglas, Pepin, Clark, Forest, and Taylor.
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Ranked 13th for most populated state, Washington came in 41st place for highest foreclosure rate. It has 3,202,241 housing units, of which 362 went into foreclosure, making the state’s foreclosure rate one in every 8,846 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pend Oreille, Mason, Cowlitz, Lewis, and Benton.
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The 27th most populated state ranked 40th for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 219 went into foreclosure, making for a foreclosure rate of one in every 8,282 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Columbia, Multnomah, Linn, and Clackamas.
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Ranked 33rd for most populated state, Arkansas took the 39th spot for highest foreclosure rate. It has 1,365,265 housing units, of which 177 went into foreclosure, making the state’s latest foreclosure rate one in every 7,713 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Saint Francis, Calhoun, Poinsett, Hot Spring, and Sharp.
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The 41st most populated state, New Hampshire, ranked 38th for highest foreclosure rate. Of 638,795 homes, 84 went into foreclosure, making for a foreclosure rate of one in every 7,605 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cheshire, Sullivan, Strafford, Carroll, and Merrimack.
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The 40th most populated state, Hawaii, came in 37th for highest foreclosure rate. Of 561,066 homes, 75 went into foreclosure, making for a foreclosure rate of one in every 7,481 households. Only three counties in the state had foreclosures. They were (from highest to lowest): Honolulu, Hawaii, and Maui.
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The 15th most populated state ranked 36th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 414 went into foreclosure, making for a foreclosure rate of one in every 7,243 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Berkshire, Plymouth, Franklin, and Worcester.
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The 36th most populated state took the 35th spot for highest foreclosure rate. Of its 940,859 homes, 133 went into foreclosure, making for a foreclosure rate of one in every 7,074 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Chaves, Cibola, Colfax, Sandoval, and Valencia.
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In Mississippi, the 34th most populated state, there were 189 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 6,984 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sharkey, Coahoma, Jackson, Clay, and Marshall.
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The 19th most populated state, Missouri came in 33rd for highest rate of foreclosures. Of its 2,786,621 homes, 411 went into foreclosure, making for a foreclosure rate of one in every 6,780 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Pulaski, Lafayette, Caldwell, Holt, and Dallas.
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In Arizona, the 14th most populated state, there were 489 foreclosures out of 3,082,000 housing units–the same as July. That put the foreclosure rate, once again, at one in every 6,303 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Graham, Cochise, Pinal, Mohave, and Yavapai.
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Pennsylvania had the 31st highest foreclosure rate. The fifth most populated state had a total of 963 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 5,963 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Delaware, Bucks, Wyoming, Berks, and Montgomery.
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Ranked 22nd for most populated state, Minnesota took the 30th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 422 went into foreclosure, making the state’s foreclosure rate one in every 5,890 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Faribault, Sherburne, Fillmore, Rice, and Anoka.
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In Tennessee, the 16th most populated state, there were 524 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 5,786 homes and in the 29th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Mcnairy, Humphreys, Roane, Hancock, and Haywood.
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The 21st most populated state ranked 28th for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 432 went into foreclosure, making for a foreclosure rate of one in every 5,767 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Pueblo, Morgan, Adams, Weld, and Alamosa.
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Ranked 25th for population, Louisiana took the 27th spot, with 365 homes out of a total of 2,073,200 housing units going into foreclosure. That means Louisiana had a foreclosure rate of one in every 5,680 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Livingston, La Salle, Tangipahoa, Ascension, and West Baton Rouge.
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Utah placed 26th for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 206 homes went into foreclosure, making the 30th most-populated state’s foreclosure rate one in every 5,589 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Juab, Tooele, Sanpete, Box Elder, and Sevier.
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Kansas took the 25th spot. With 1,275,689 homes and a total of 231 housing units going into foreclosure, the 35th most-populated state’s foreclosure rate was one in every 5,522 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Wyandotte, Cowley, Geary, Osage, and Butler.
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Ranked as the ninth least populated state, Maine placed 24th for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 136 foreclosures for a foreclosure rate of one in every 5,434 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Somerset, Waldo, Penobscot, Knox, and Aroostook.
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The eighth least populated state took the 23rd spot for highest foreclosure rate. A total of 91 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 5,313 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Kent, Bristol, Newport, and Washington.
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Ranked the least populated state in the country, Wyoming claimed the 22nd spot for highest foreclosure rate. With 271,887 housing units, of which 53 went into foreclosure, the state’s foreclosure rate was one in every 5,130 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Platte, Natrona, Sweetwater, and Campbell.
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The 12th most populated state ranked 21st for highest foreclosure rate, with 728 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 4,970 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Portsmouth City, Waynesboro City, Hopewell City, Charlotte, and Covington City.
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Ranked 24th for most populated, Alabama came in 20th for highest foreclosure rate. Of its 2,288,330 homes, 489 went into foreclosure, making for a foreclosure rate of one in every 4,680 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Henry, Houston, Cherokee, Calhoun, and Elmore.
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Alaska saw 69 foreclosures, making the foreclosure rate one in every 4,602 homes. That caused the third least populated state, with a total of 317,524 housing units, to take the 19th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Anchorage, Ketchikan Gateway, Matanuska-Susitna, Fairbanks North Star, and Kenai Peninsula.
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The Lone Star State saw 2,538 foreclosures. With a foreclosure rate of one in every 4,566 households, this put the second most populous state with 11,589,324 housing units into the 18th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Liberty, Wilbarger, Atascosa, Franklin, and Hardeman.
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Iowa had the 17th highest foreclosure rate. With 320 housing units out of 1,412,789 homes going into foreclosure, the 31st most populated state’s foreclosure rate was one in every 4,415 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Guthrie, Wayne, Calhoun, Clinton, and Adams.
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Oklahoma claimed the 16th spot. With housing units totaling 1,746,807, the 28th most populated state saw 400 homes go into foreclosure at a rate of one in every 4,367 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Canadian, Kingfisher, Oklahoma, Cleveland, and Ottawa.
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With 363 of its 1,530,197 homes going into foreclosure, Connecticut had the 15th highest foreclosure rate at one in every 4,215 households. In the 29th most populated state, the counties that had the most foreclosures per housing unit were (from highest to lowest): New Haven, Hartford, Windham, Fairfield, and Litchfield.
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Ranking 10th in population, Michigan took the 14th spot with a foreclosure rate of one in every 4,002 homes. With a total of 4,570,173 housing units, the state had 1,142 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Muskegon, Van Buren, Cass, Berrien, and Saint Joseph.
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The eighth most populated state, Georgia ranked 13th for highest foreclosure rate. Of its 4,410,956 homes, 1,161 were foreclosed on. That put the state’s foreclosure rate at one in every 3,799 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Richmond, Pulaski, Elbert, Candler, and Liberty.
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With 2,295 out of a total 8,488,066 housing units going into foreclosure, the fourth most populated state took the 12th spot. New York’s foreclosure rate was one in every 3,699 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Steuben, Seneca, Washington, Livingston, and Putnam.
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The ninth most populated state took 11th place for highest foreclosure rate. Out of 4,708,710 homes, 1,282 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 3,673 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gates, Onslow, Pasquotank, Jones, and Columbus.
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The country’s most populated state ranked 10th for highest foreclosure rate. Of its 14,392,140 housing units, 4,241 went into foreclosure, making California’s foreclosure rate one in every 3,394 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Trinity, Kern, Merced, and Yuba.
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Ranking 32nd in population, Nevada took the ninth spot for foreclosure rate. With one in every 3,380 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 379 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Clark, Elko, Humboldt, Nye, and Washoe.
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Ranked 18th for most populated state, Maryland took eighth place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 775 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,266 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Charles, Saint Marys, Cecil, Prince George’s County, and Washington.
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The 17th largest state by population, Indiana took the seventh spot with a foreclosure rate of one in every 3,120 homes. Of its 2,923,175 homes, 937 homes were foreclosed on in August. The counties with the most foreclosures per housing unit were (from highest to lowest): Blackford, Vigo, St Joseph, Wayne, and Noble.
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Ohio took sixth place in August with a foreclosure rate of one in every 2,955 homes. With a total of 5,242,524 housing units, the seventh most populated state had a total of 1,774 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Pickaway, Paulding, Fairfield, and Preble.
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The third most populated state in the country has a total of 9,865,350 housing units, of which 3,344 went into foreclosure. The state’s foreclosure rate is one in every 2,950 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Calhoun, Gadsden, Hamilton, Gilchrist, and Duval.
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With a foreclosure rate of one in every 2,441 homes, New Jersey slipped out of the top three, placing fourth for highest foreclosure rate. The 11th most populated state has 3,761,229 housing units, of which 1,541 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Sussex, Camden, Gloucester, and Salem.
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With one in every 2,417 homes going into foreclosure, South Carolina took the third spot. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 970 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Kershaw, Barnwell, Richland, Dorchester, and Lexington.
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The sixth least populated state in the country, Delaware fell from the top spot for highest foreclosure rate. With one in every 2,387 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 188 foreclosure filings. With only three counties in the state, the most foreclosures per housing unit were in (from highest to lowest): New Castle, Kent, and Sussex.
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Illinois made the top spot for highest foreclosure rate. Of its 5,426,429 homes, 2,818 went into foreclosure, making the sixth most populated state’s foreclosure rate one in every 1,926. The counties with the most foreclosures per housing unit were (from highest to lowest): Peoria, Crawford, Mcdonough, Kendall, and Macoupin.
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Of all 50 states, California had the most foreclosure filings (4,241); Vermont had the least (3). As for the states with the highest foreclosure rates, Illinois, Delaware, and South Carolina took the top three spots, respectively.
Two regions – The Great Lakes and the Mideast – tied for having the largest presence among the 10 states that ranked the highest for foreclosure rates. The states in the Great Lakes region were (from highest to lowest): Illinois, Ohio, and Indiana. The states in the Mideast region were (from highest to lowest): Delaware, New Jersey, and Maryland.
The Plains region had the largest presence among the 10 states that ranked the lowest for foreclosure rates. The states were (from highest to lowest): Nebraska, South Dakota, and North Dakota.
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This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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