After the release of CoreLogic [1]’s Foreclosure Report and RealtyTrac [2]’s Q2 2016 U.S. Home Equity and Underwater Report, the new data between the two showed that 11.9 percent of all U.S. properties that had a mortgage at the end of the second quarter of this year were determined to be in foreclosure, a percentage decrease from the 12 percent reported last quarter as well as the decrease from the 13.3 percent from Q2 in the year prior.
“Rising home prices are lifting all home equity boats: bailing out seriously underwater homeowners and enriching homeowners who already have positive equity,” Darin Blomquist, senior vice president at ATTOM Data Solutions said in a press release. “While that national trend is consistent in most markets across the country, there are still some local markets and sub-markets that have been largely left behind by the housing recovery and which still have a high percentage of underwater homeowners.”
Of these foreclosures, the ten states shown to have the most foreclosures consisted of Massachusetts, Ohio, Connecticut, South Carolina, Illinois, Florida, Nevada, Maryland, New Jersey, and Delaware. Here is a break-down of what the foreclosure rates look like in these states for Q2 according to a report from Credit.com [3].
Massachusetts:
Massachusetts sits in the number ten spot with a foreclosure rate of 1 in every 1,332 housing units. This is an increase from June 2016 of 20.11 percent and an increase from July 2015 of 21.42 percent.
Ohio:
Ohio ranks number nine on the list with a foreclosure rate of 1 in every 1,269 housing units. This is a decrease from June 2016 of 22.05 percent and a decrease from July 2015 of 26.39 percent.
Connecticut:
Connecticut ranks number eight on the list with a foreclosure rate of 1 in every 1,213 housing units. This is an increase from June 2016 of 11.32 percent as well as a similar increase from July 2015 of 11.83 percent.
South Carolina:
South Carolina sits in the number seven spot with a foreclosure rate of 1 in every 1,162 housing units. This is a decrease from June 2016 of 6.86 percent as well as decrease from July 2015 of 19.97 percent.
Illinois:
The number six spot on the list falls with Illinois holding a foreclosure rate of 1 in every 1,125 housing units. Illinois saw a decrease from June 2016 of 21.51 percent and a decrease from July 2015 of 35.05 percent.
Florida:
Florida finds its spot on the list in the middle with number five because of a foreclosure rate of 1 in every 808 housing units. Florida shows a decrease from June 2016 of 4.92 percent and an even larger decrease from July 2015 of 49.26 percent.
Nevada:
The number four spot goes to Nevada with a foreclosure rate rate of 1 in every 805 housing units. This state shows an increase from June 2016 of 15.35 percent despite a decrease from July 2015 of 26.57 percent.
Maryland:
For Maryland, the number three spot seems appropriate with a foreclosure rate of 1 in every 772 housing units. This state sees a decrease though from June 2016 of 16.11 percent as well as a decrease from July 2015 of 33.25 percent.
New Jersey:
This state ranks number two on the list with a foreclosure rate of 1 in every 610 housing units. This is a decrease from June 2016 of 16.3 percent and a decrease from July 2015 of 14.54 percent.
Delaware:
The number one spot is taken by Delaware with a foreclosure rate of 1 in every 570 housing units. This is an increase from June 2016 of 41.37 percent and an increase from July 2015 of 101.78 percent.