Delaware’s foreclosure stats are complicated, with 1 in every 1,739 homes foreclosed. The state has fewer housing units, so it doesn’t take much to push the foreclosure rate into more alarming numbers than in larger states.
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South Carolina
Migration to the state caused inflated home prices, often outpacing local wages. Buyers who purchased at the apex of the boom were saddled with disproportionately high mortgages. With the economy as bad as it is now, homeowners aren’t able to refinance or sell high enough to recoup their losses.
With 1 in every 2,092 homes in foreclosure, Florida ranks third on the list (though some data suggests it may be first). Owners get hit with a triple whammy; home prices are astronomical, property taxes recently shot up, and homeowners pay the highest rates in the country.
Runners Up
Rounding out the top five states are Indiana (1 in every 2,129) and Illinois (1 in every 2,262). The COVID-19 migration of workers from expensive cities to more rural areas artificially boosted home prices across the country. Now, these areas are seeing higher foreclosure rates because wages haven’t kept pace.
If moving in your retirement is part of your plan, it’s important to first understand your finances and what you can afford. Homes that have been on the market longer or are being sold by the bank could be a great way to snag a great space for a great price, but other factors like home insurance and property tax increases are worth noting before signing on the dotted line.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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