Home Foreclosure How Georgia’s Foreclosure Rate Compares to the Nation • The Virtue of Georgia

How Georgia’s Foreclosure Rate Compares to the Nation • The Virtue of Georgia

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Demand for single-family homes has increased over the past two years as the coronavirus pandemic has prompted people to seek more living space. The increase in demand, facilitated by low interest rates and coupled with supply constraints, has led to soaring house prices. (These are 15 cities with the most expensive housing markets.)

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But now the US housing market appears to be coming back to earth, with parts of the country showing early signs of distress. Foreclosure filings — a measure of the health of housing markets at the local, state or national level — are on the rise across the country.

According to Attom, a land and property data custodian, foreclosure filings – which include notices of default, bank foreclosures and scheduled auctions – increased 153% in the first half of 2022 compared to the same period last year. last.

In Georgia, foreclosures increased 148.1% from 2,310 in the first six months of 2021 to 5,731 in the first half of 2022. The state’s foreclosure rate of one in every 770 homes ranks at ninth highest in the country.

According to five-year estimates from the US Census Bureau’s 2020 American Community Survey, 64.5% of homeowners in Georgia are paying off a mortgage, the 17th-highest share among states.

The typical household in the state has an income of $61,224 per year and the typical home is worth $190,200. For context, the annual income of a typical US household is $64,994 and the national median home value is $229,800.

Rank State Foreclosure rate (foreclosures per dwelling) Foreclosed houses, 1st half of 2022 Dwellings with mortgage (%) Median home value ($)
1 Illinois 1:385 14,086 62.8 202 100
2 New Jersey 1:410 9,177 66.0 343,500
3 Ohio 1:475 11,028 62.4 151,400
4 Delaware 1:497 903 64.7 258,300
5 Caroline from the south 1:513 4,568 57.7 170 100
6 Florida 1:560 17,624 56.7 232,000
seven Nevada 1:567 2,259 67.5 290 200
8 Indiana 1:606 4,822 65.2 148,900
9 Georgia 1:770 5,731 64.5 190 200
ten Michigan 1:773 5,913 59.6 162,600
11 Connecticut 1:773 1,979 67.4 279,700
12 Oklahoma 1:824 2,120 54.5 142,400
13 Maryland 1:863 2,934 72.5 325,400
14 California 1:881 16,340 69.5 538,500
15 Iowa 1:899 1,571 60.4 153,900
16 Alabama 1:925 2,475 55.7 149,600
17 North Carolina 1:958 4,917 62.5 182 100
18 Arizona 1:961 3,207 63.3 242,000
19 Texas 1:1005 11,527 56.8 187,200
20 Pennsylvania 1:1038 5,531 59.9 187,500
21 Maine 1:1050 704 60.7 198,000
22 Colorado 1:1073 2,322 70.8 369,900
23 Missouri 1:1073 2,596 61.2 163,600
24 New York 1:1 106 7,673 59.9 325,000
25 Louisiana 1:1 107 1,873 52.0 168 100
26 Utah 1:1 127 1,022 70.1 305 400
27 Minnesota 1:1 169 2,126 66.0 235,700
28 Virginia 1:1 212 2,985 68.2 282,800
29 New Mexico 1:1 225 768 53.4 175,700
30 Wyoming 1:1394 195 58.1 228,000
31 Mississippi 1:1397 945 50.0 125,500
32 Hawaii 1:1 431 392 64.4 636,400
33 Nebraska 1:1443 585 59.4 164,000
34 Wisconsin 1:1 503 1,815 63.3 189,200
35 Tennessee 1:1528 1,984 59.0 177,600
36 Massachusetts 1:1535 1,954 68.5 398,800
37 Rhode Island 1:1560 310 67.9 276,600
38 New Hampshire 1:1593 401 65.0 272,300
39 Arkansas 1:1715 796 54.2 133,600
40 Alaska 1:1985 160 61.9 275,600
41 Washington 1:2400 1,334 68.2 366,800
42 Kentucky 1:2 432 820 57.2 147 100
43 Idaho 1:2 473 304 64.1 235,600
44 Montana 1:2 654 194 56.0 244,900
45 Oregon 1:2 782 652 66.1 336,700
46 Kansas 1:2 810 454 58.6 157,600
47 West Virginia 1:3 626 236 46.7 123,200
48 North Dakota 1:4466 83 53.2 199,900
49 Vermont 1:7598 44 62.4 230,900
50 South Dakota 1:9068 43 55.0 174,600

Samuel Stebbins, 24/7 Wall St. via The Center Square