Editor’s Note: On June 30, 2023, the Supreme Court announced its decision to reject the Biden-Harris Administration’s Student Debt Relief Program on the grounds that it required Congressional approval. Previously, it was announced that interest accrual on federal student loans will resume on Sept. 1, while loan payments will be due starting in October. Borrowers will learn their new monthly payment amount and due date at least 21 days in advance.
While on the work grind at the office, you get an email from the HR department, inviting you down to pay them a visit. Uh-oh. What could possibly be up? You’re a rock star on the job, so you cannot imagine what the trouble could be.
The good news: you’re not getting fired. The bad news: they tell you that part of your wages are going to be garnished in order to pay back your outstanding school loans.
What Is Student Loan Wage Garnishment?
Student loan wage garnishment is a tough thing to face; what makes it doubly troublesome is the official letter from the U.S. Department of Education that notifies your employer that a percentage of your paycheck will now go directly to paying back your outstanding student loan balances.
This may be something that would be a big enough bummer when you’re the only one who knows about it. When your employer is let in on the secret, and ordered by the government to reconfigure your paycheck, the awkwardness knows no bounds.
Student loan wage garnishment does not make it easy for you or your employer . Your company’s payroll department generally executes (and sometimes calculates) the student loan garnishment amount, and forwards the payments to the correct agency or creditor. In some cases, your employer can be held liable for the full amount or a portion thereof for failure to comply with the garnishment. This can include interest, court fees, and legal costs.
If it’s any consolation, you would not be alone in this situation. Let’s start with the macro: according to
CNBC , more than one million people default on their student loans each year. By the year 2023, nearly 40% of borrowers are expected to default on their student loans. Outstanding debt in the U.S. has tripled over the last decade and now exceeds $1.5 trillion. That number far exceeds the traditional debt of autos and credit cards.
Now for the micro: according to a study by the ADP Research Institute , 7.2% of employees had their wages garnished in 2013 (the latest research we could find on this). Of that total, 2.9% of those garnishments were from student loan and court-ordered consumer debt garnishment.
Defaulting on your student loan is not ideal. We’re going to share some details on federal student loan garnishment, and how you can avoid defaulting on your loans.
How Does Federal Student Loan Garnishment Work
Your wages can’t be garnished out of nowhere. It starts with your loan becoming delinquent, which happens the first day after you miss a payment. Your loan will remain delinquent until you pay back everything you owe.
If you are more than 90 days delinquent on your payment, your loan servicer reports the missed payments to the three national credit bureaus (Equifax, Experian, and TransUnion). This will negatively affect your credit, as payment history makes up 35% of your score.
Eventually, if you still fail to repay your debt, the government may resort to garnishing your wages and/or withholding your tax refund, which they can do without a court order. Legally, they can garnish up to 15% of your disposable pay. Disposable income is calculated by taking your gross income, and then subtracting your tax obligations and other withholdings such as Social Security, Medicare, state tax, city/local tax, health insurance premiums, and involuntary retirement or pension plans.
The good news is that there is a temporary exception to this process. To help financially vulnerable borrowers transition to making their student loan payments after an automatic, three-year pause that ended in October, the Biden administration implemented an “on-ramp” period. From Oct. 1, 2023 through Sept. 30, 2024, borrowers who miss payments will not be considered delinquent or in default, have missed payments reported to the credit bureaus, or have their loans referred to collections agencies.
Ways To Help Prevent Your Student Loan From Becoming Delinquent
If you are concerned about wage garnishment for your federal student loans, there are proactive steps you can take to keep your account from becoming delinquent in the first place:
Scheduling automatic payments. You can have the monthly obligation automatically and electronically deducted from your checking or savings account.
Building an emergency savings fund. You can save at least six months of backup funds that you can use specifically to make your monthly payments. This may come in handy should you be without income for a time.
Ways To Help Prevent Your Student Loans From Going Into Default
Based on your financial circumstances, there are a few options available that may allow you to make your student loan payments more affordable or even put them on a temporary hold:
Income-Driven Repayment (IDR) Plans: With these plans, your student loan payments are adjusted based on your discretionary income. Depending on the plan you choose, the government typically extends your repayment terms and readjusts your monthly payment, and may eventually forgive the balance of your loan. The newest IDR plan, the SAVE Plan, will provide the lowest monthly payments once it’s fully implemented in July 2024.
Forbearance or Deferment: If making payments is becoming or has become nearly impossible, you can ask your lender to defer your payments or request forbearance. If they agree and you qualify, you can delay your payments and avoid default.
Student Loan Refinancing vs Consolidation
If student loan wage garnishment is the nightmare that comes true, here are two options that may be able to stop it: consolidating or refinancing your student loans. First, know the difference between the two (and it’s a pretty big one):
When you refinance student loans, you’re actually paying off your existing loans with a new loan from a private lender. In this process, you can possibly reduce your payments and make them more affordable. (You may pay more interest over the life of the loan if you refinance with an extended term.) Or you may be able to lower your interest rate. However, you also will lose out on certain benefits that come with federal student loans, like deferment and forbearance, and lose your eligibility for all other federal student loan programs.
When you consolidate your federal student loans with the federal government, you essentially “bind” them all together into one, big loan. Sounds like a plan, but there can be a few downsides; this could result in you paying more in interest over the life of your new, consolidated loan because the interest rate on your consolidated federal loan will be the weighted average of all your loans, rounded to the nearest eighth of 1%. You can also only consolidate your federal loans under a Direct Consolidation Loan, which has its own requirements if you’re already in default, and isn’t available for private student loans.
Consolidating a Defaulted Loan
According to the U.S. Department of Education, if you want to consolidate a defaulted loan, you must make “satisfactory repayment arrangements” on the student loan with your current loan servicer before you consolidate.
If you want to consolidate a defaulted loan that is being collected through garnishment of your wages, or that is being collected in accordance with a court order after a judgment was obtained against you, you may only do so if the garnishment order has been lifted or the judgment has been vacated.
Refinancing Your Student Loans
You may be able to combine your private and federal loans into one brand-new, private refinanced loan.
You may be a good candidate for student loan refinancing if you have a steady income, a consistent history of on-time debt payments, and you don’t have need for federal student loan benefits—among other important personal financial factors. (When you refinance your federal loans with a private lender, you can no longer access any federal loan benefits.)
A lender will most likely offer you a few choices for your refinanced student loan: fixed and variable interest rates, as well as a variety of repayment terms (this is often based on your credit history and current financial situation). If you qualify for refinancing, your new loan should (hopefully) come with a new interest rate or a new loan term that can lower your monthly payments.(You may pay more interest over the life of the loan if you refinance with an extended term.)
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
SoFi Student Loan Refinance
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income based repayment plans or extended repayment plans.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi. Equal Housing Lender.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Foreclosure rates make the home market a house of cards in these states
While foreclosures may have dropped overall compared to October, several major cities have maintained their high foreclosure rates. Foreclosure filings in metropolises like Cleveland, OH and Chicago, IL have skyrocketed since 2021, and a decline is not likely in the foreseeable future.
But it’s not just urban areas that are experiencing this nationwide trend. According to the experts at ATTOM Data Solutions, the number of U.S. housing units coast-to-coast that have gone into foreclosure has increased by a startling 57% since this time last year. While there was a slight dip in filings between October and November, slipping to 30,677 from 32,376 foreclosed homes, this only amounts to a 5% decline.
While mortgage rates seem to have peaked in October, the prices remain uncomfortably high, especially when compared to pre-pandemic numbers. Standard rates for both 10-year and 30-year fixed mortgages have varied this past year, however for the most part the rate is steadily rising. Currently at roughly 6.3%, the average interest rate for a traditional 30-year fixed mortgage has increased more than twofold from last year’s 3%. The primary driver behind this trend is the Federal Reserve’s decision to raise its own interest rate to combat inflation.
The housing industry has been flipped on its head by high mortgage rates, which have caused a dramatic cooling of a once-hot market. Even though home prices are declining in certain regions, this may not be enough to offset the extra costs that homeowners must pay due to rising mortgage rates.
Read on for the foreclosure rates in November 2022 – plus the five counties or county equivalents with the highest rates within those states.
Related: The safest cities in the US
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As previously noted, foreclosure rates decreased slightly compared to last month, but are up significantly compared to last year. Read on for November 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 second-and-third-least populous states, Washington, D.C. had 43 foreclosures in November, a substantial dip compared to October’s 68. With a total of 350,364 housing units, the foreclosure rate of the Nation’s Capital was one in every 8,148 households, putting it in between the states of Alaska (#36) and Missouri (#37).
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Unsurprisingly, the Mount Rushmore State nabbed the 50th spot for its November foreclosure rate for the third month in a row. Having 389,921 total housing units, the fifth-least populous state had a foreclosure rate of one in every 97,480 households with four foreclosures. Only one county in South Dakota saw any foreclosures: Minnehaha.
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In 49th place for population, the Green Mountain State maintained its 49th rank for foreclosure rate as well. Of the state’s 334,318 housing units, 17 homes went into foreclosure at a rate of one in every 19,666 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bennington, Rutland, Washington, Windham, and Caledonia.
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The Peace Garden State’s foreclosure rate was one in every 15,443 homes. This puts the fourth-least populous state – with 370,642 housing units and 24 foreclosures — in 48th place, a slight improvement from last month’s 41st spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Traill, Walsh, Morton, Ward, and Grand Forks.
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Ranked 38th in population, the Gem State earned the 47th spot as 56 of its homes went into foreclosure in November. With 751,859 total housing units, the state’s foreclosure rate was one in every 13,426 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Lincoln, Payette, Twin Falls, and Clearwater.
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Sorted as 13th in population, the Evergreen State ranked 46th for highest foreclosure rate. It has 3,202,241 housing units, of which 248 went into foreclosure, making the state’s foreclosure rate one in every 12,912 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Grays Harbor, Adams, Kitsap, and Cowlitz.
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With a total of 1,994,323 housing units, the Bluegrass State saw 168 homes go into foreclosure, sustaining its 45th ranking from September and October. This puts the foreclosure rate for the 26th most populous state at one in every 11,871 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Fulton, Boyd, Greenup, Carlisle, and Bath.
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New Hampshire, the 41st most populous state, ranked 44th for highest foreclosure rate. The granite state saw 62 of its 638,795 homes go into foreclosure, making for a foreclosure rate of one in every 10,303 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Belknap, Cheshire, Hillsborough, Rockingham, and Sullivan.
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Ranked 39th in population, the Mountain State earned the 43rd spot this month. It has 855,635 housing units, of which 84 went into foreclosure. This means that the foreclosure rate was one in every 10,186 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hancock, Pleasants, Wood, Fayette, and Kanawha.
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The Sunflower State ranked 42nd in November, a rise compared to last month’s 47th spot. With 1,275,689 homes and a total of 127 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 10,045 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Haskell, Kingman, Woodson, Norton, and Rooks.
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With 285 foreclosures out of 2,727,726 total housing units, America’s Dairyland and the 20th most populous state had a foreclosure rate of one in every 9,571 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Iron, Marquette, Kenosha, Richland, and Langlade.
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Listed as 44th in population, the Treasure State took the 40th spot. With 57 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 9,032 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Fallon, Chouteau, Rosebud, Dawson, and Big Horn.
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Ranked 34th in population, the Magnolia State experienced 156 foreclosures out of 1,319,945 housing units. This puts the foreclosure rate at one in every 8,461 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Itawamba, Humphreys, Simpson, Copiah, and Hancock.
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The eighth-least populous state took the 38th spot for highest foreclosure rate. A total of 58 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 8,336 households. With only five counties in the state, the most foreclosures per housing unit were (from highest to lowest): Bristol, Providence, Newport, Kent, and Washington.
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Listed as 19th in population, the Show-Me State came in 37th for highest rate of foreclosures. Of its 2,786,621 homes, 336 went into foreclosure, making for a foreclosure rate of one in every 8,294 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Mississippi, Barton, Gentry, and Laclede.
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The Last Frontier saw 42 foreclosures, making the foreclosure rate one in every 7,560 homes. This caused the third-least populous state, with a total of 317,524 housing units, to secure the 36th spot. Only four boroughs saw foreclosures. The boroughs with the most foreclosures per housing unit were (from highest to lowest): Matanuska-Susitna, Anchorage, Fairbanks North Star, and Kenai Peninsula.
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Ranked 16th in population, the Volunteer State endured 409 foreclosures out of its 3,031,605 housing units. This puts the foreclosure rate at one in every 7,412 homes and in the 35th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Humphreys, Obion, Rhea, and Hickman.
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The 27th most populous state ranked 34th for highest foreclosure rate. Of the Pacific Wonderland’s 1,813,747 homes, 255 went into foreclosure, making for a foreclosure rate of one in every 7,113 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Crook, Josephine, Klamath, and Linn.
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The 21st most populous state ranked 33rd for highest foreclosure rate. Of the Centennial State’s 2,491,404 housing units, 380 went into foreclosure, making for a foreclosure rate of one in every 6,556 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Mesa, Teller, Archuleta, Morgan, and Pueblo.
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Ranked 22nd for most populous state, the Land of 10,000 Lakes took the 32nd spot for highest foreclosure rate. It has 2,485,558 housing units, of which 386 went into foreclosure, making the state’s foreclosure rate one in every 6,439 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Faribault, Mower, Waseca, St. Louis, and Wilkin.
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Sorted as 37th in population, the Cornhusker State ranked 31st with a foreclosure rate of one in every 6,396 homes. With a total 844,278 housing units, the state had 132 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Hitchcock, Kearney, Frontier, and Nemaha.
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The 12th most populous state ranked 30th for highest foreclosure rate, with 575 homes going into foreclosure. Having 3,618,247 total housing units, the Old Dominion saw a foreclosure rate of one in every 6,293 households. The county and independent cities with the most foreclosures per housing unit were (from highest to lowest): Colonial Heights City, Martinsville City, Buena Vista City, Portsmouth City, and Giles.
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Sorted as 14th in population, the Grand Canyon State withstood 493 foreclosures out of its 3,082,000 housing units. This puts the foreclosure rate at one in every 6,252 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Santa Cruz, Cochise, La Paz, Pinal, and Graham.
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Ranked 42nd in population, the Pine Tree State placed 28th for highest foreclosure rate. With a total of 739,072 housing units, it saw 123 foreclosures for a foreclosure rate of one in every 6,009 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Waldo, Oxford, Penobscot, Knox, and Franklin.
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The Beehive State placed 27th for highest foreclosure rate. Of its 1,151,414 housing units, 192 homes went into foreclosure, making the 30th most populous state’s foreclosure rate one in every 5,997 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Millard, Box Elder, Beaver, and Tooele.
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The 15th most populous state ranked 26th for highest foreclosure rate. Of 2,998,537 housing units, 506 went into foreclosure, making for a foreclosure rate of one in every 5,926 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Worcester, Hampden, Bristol, Franklin, and Hampshire.
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The Paradise of the Pacific, and the 40th most populous state, came in 25th for highest foreclosure rate. Of its 561,066 homes, 98 went into foreclosure, making for a foreclosure rate of one in every 5,725 households. Only four of the five counties in the state had foreclosures. They were (from highest to lowest): Hawaii, Honolulu, Kauai, and Maui.
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The ninth-most populous state claimed 24th place for highest foreclosure rate, an upturn from last month’s 7th spot. Out of 4,708,710 homes, 852 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 5,527 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Northampton, Nash, Pasquotank, Cherokee, and Tyrrell.
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The Keystone State has the 23rd highest foreclosure rate. The fifth-most populous state saw a total of 1,060 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 5,418 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Delaware, Philadelphia, Berks, Bucks, and Lancaster.
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Sorted as 25th in population, the Pelican State took the 22nd spot, an unfavorable contrast to last month’s 32nd ranking. This means that the state had a foreclosure rate of one in every 5,170 households, with 401 homes out of a total of 2,073,200 housing units going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Tangipahoa, Plaquemines, DeSoto, and Livingston.
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Listed as the 33rd most populous state, the Land of Opportunity took 21st place for highest foreclosure rate in November, an improvement over last month’s 15th ranking. The state has 1,365,265 housing units, of which 271 went into foreclosure, making the state’s latest foreclosure rate one in every 5,038 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lincoln, Poinsett, Jackson, Franklin, and Mississippi.
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The Lone Star State saw 2,303 foreclosures this month. With a foreclosure rate of one in every 5,032 households, this puts the second-most populous state in the U.S., with a whopping 11,589,324 housing units, into the 20th spot yet again. The counties with the most foreclosures per housing unit were (from highest to lowest): Cochran, Ector, Liberty, Kinney, and Shackelford.
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The 36th most populous state claimed the 19th spot for highest foreclosure rate. Of the Land of Enchantment’s 940,859 homes, 187 went into foreclosure, making for a foreclosure rate of one in every 5,031 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Chaves, Eddy, Bernalillo, and Sandoval.
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With 317 of its 1,530,197 homes going into foreclosure, the Constitution State once again had the 18th highest foreclosure rate at one in every 4,827 households. In the 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, Litchfield, Hartford, Tolland, and Fairfield.
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Ranked 10th in population, the Wolverine State secured the 17th spot with a foreclosure rate of one in every 4,259 homes. With a total of 4,570,173 housing units, the state had 1,073 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Shiawassee, Wexford, St. Joseph, Lenawee, and Monroe.
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The country’s most populous state ranked 16th for highest foreclosure rate. Of its impressive 14,392,140 housing units, 3,483 went into foreclosure, making the Golden State’s foreclosure rate one in every 4,132 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Siskiyou, Trinity, Lake, Yuba, and Kern.
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The Hawkeye State had the 15th highest foreclosure rate. With 346 housing units out of 1,412,789 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 4,083 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Des Moines, Emmet, Henry, Fremont, and Union.
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Listed as 24th in population, the Yellowhammer State came in 14th for highest foreclosure rate. Of its 2,288,330 homes, 567 went into foreclosure, making for a foreclosure rate of one in every 4,036 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Coosa, Jefferson, Covington, Walker, and Calhoun.
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The third-most populous state in the country has a total of 9,865,350 housing units, of which 2,513 went into foreclosure. The Sunshine State’s foreclosure rate is one in every 3,926 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Bradford, Union, Clay, Escambia, and Palm Beach.
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The Sooners State claimed the 12th spot, a sizable disappointment compared to October’s 31st ranking. With housing units totaling 1,746,807, the 28th most populous state saw 448 homes go into foreclosure at a rate of one in every 3,899 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Tulsa, Garfield, Canadian, Dewey, and Cleveland.
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Ranked 18th for most populous state, America in Miniature took 11th place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 670 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,777 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Charles, Dorchester, Caroline, Cecil, and Washington.
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Ranked eighth in population, the Peach State acquired the 10th spot for highest foreclosure rate. Of its 4,410,956 homes, 1,182 were foreclosed on. This puts the state’s foreclosure rate at one in every 3,732 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Calhoun, Turner, Newton, Walton, and Liberty.
SeanPavonePhoto
With 2,296 out of a total 8,488,066 housing units going into foreclosure, the Empire State claimed the 9th spot in November. The fourth-most populous state’s foreclosure rate was one in every 3,697 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Chautauqua, Suffolk, St. Lawrence, and Putnam.
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The 17th largest state by population, the Crossroads of America grasped the eighth spot with a foreclosure rate of one in every 3,419 homes. Of its 2,923,175 housing units, 855 homes were foreclosed on in November. The counties with the most foreclosures per housing unit were (from highest to lowest): Jennings, Fountain, Vermillion, Sullivan, and Morgan.
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Ranking 32nd in population, the Silver State took the seventh spot for foreclosure rate. With one in every 3,319 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 386 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): White Pine, Clark, Lander, Nye, and Humboldt.
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The Buckeye State took sixth place yet again in November with a foreclosure rate of one in every 3,238 homes. With a total of 5,242,524 housing units, the seventh-most populous state had a total of 1,619 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson, Huron, Cuyahoga, Columbiana, and Harrison.
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The country’s least populous state surprisingly claimed the 5th spot for highest foreclosure rate in November, a drastic change from October’s 44th ranking. With 271,887 housing units, of which 84 went into foreclosure, the Equality State’s foreclosure rate was one in every 3,237 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Platte, Campbell, Carbon, Natrona, and Sublette.
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With one in every 3,195 homes going into foreclosure, the Palmetto State obtained the fourth ranking once again. The 23rd most populous state has 2,344,963 housing units and saw 734 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Orangeburg, Colleton, Kershaw, Dorchester, and Lexington.
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With a foreclosure rate of one in every 2,916 homes, the Garden State placed third for, ironically, the third time in a row. The 11th most populous state has 3,761,229 housing units, of which 1,290 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Gloucester, Cumberland, Salem, Camden, and Sussex.
JERRYE / Wiki Commons
The sixth-least populous state in the country, the Small Wonder maintained its second place spot from October. With one in every 2,736 homes going into foreclosure and a total 448,735 housing units, the state saw 164 foreclosure filed. With only three counties in the state, the most foreclosures per housing unit were (from highest to lowest): Kent, New Castle, and Sussex.
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The Land of Lincoln made the top spot for highest foreclosure rate for the fourth month in a row, the longest of any state. Of its 5,426,429 homes, 2,260 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 2,401. The counties with the most foreclosures per housing unit were (from highest to lowest): Mason, Livingston, Rock Island, Logan, and Marshall.
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Of all 50 states, California had the most foreclosure filings (3,483), and South Dakota had the least (4). As for the states with the highest foreclosure rates, Illinois, Delaware, and New Jersey 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 New York.
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): Kansas, North Dakota, and South Dakota.
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This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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