Top home foreclosure states

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GON

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Interesting chart. Would like to know the "reason" Florida's numbers are what they are.

I track homes for sales in many states. It is very rare to see a foreclosed home on the market. The foreclosed homes I do come across are usually trashed beyond comprehension. This might imply many homes at risk of foreclosure are purchased by the lender or other party, rather then complete a foreclosure. This might also imply most homes in foreclosure are not "upside down".

This is a foreclosed home I viewed earlier today:
https://www.realtor.com/realestateandhomes-detail/809-S-Roselawn-Ave_Artesia_NM_88210_M12008-43288

583694838_881168614234927_1162416627005988330_n.webp
 
The foreclosure situation is much worse than some idiot here will immediately post a chart / graph to contradict what Im saying.

After Covid the government did everything to prevent foreclosures.
Some homeowners knew they can take advantage of certain programs to kept them in their homes without paying their mortgage.

We also had an election and kicking deadbeats out of their home was a big No No.
 
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GON said:
Would like to know the "reason" Florida's numbers are what they are.
Click to expand...
If I may summarize a bit of what I have heard:

Prices are falling especially in certain areas like Tampa. If prices keep rising no foreclosures - if you can't pay you just sell and pay the note. So you need falling prices as a basis.

Much of these were leveraged investment properties - so now falling equity.

Add the rapidly rising cost of insurance to both those above as a double whammy.

No longer rising in value - can't pay the note - let the bank have it back.

South Carolina is not much different FWIW. I am actually surprised by Iowa and Ohio?
 
SC Maintenance said:
If I may summarize a bit of what I have heard:

Prices are falling especially in certain areas like Tampa. If prices keep rising no foreclosures - if you can't pay you just sell and pay the note. So you need falling prices as a basis.

Much of these were leveraged investment properties - so now falling equity.

Add the rapidly rising cost of insurance to both those above as a double whammy.

No longer rising in value - can't pay the note - let the bank have it back.

South Carolina is not much different FWIW. I am actually surprised by Iowa and Ohio?
Click to expand...
Lat night I watched a video by a Florida Real Estate broker.

He stated that many Floridians are on very fixed incomes, much tighter budgets than one might think. With the rise in Florida's auto insurance and home owners insurance, some Florida homeowners can no longer afford their home with the increase in monthly insurance cost. The broker further added that many of these homes need roofs, which is required to switch homeowners insurance policies, and these homeowners simply don't have $30k USD +/- for a replacement roof. The broker reports these homeowners are selling, and maybe if they can't sell, are walking away?

Concur, no reason to understand the foreclosure rate in Iowa, but could be what @NibbanaBanana pointed out. USDA loans (dept of agriculture) to people who are not a match for home ownership, let the home get trashed, don't make payments, and the home is no longer desirable for a short sale purchase at any price point- so foreclosure is the only COA.
 
People being poor typically would try to sell instead of being foreclosed if the market is healthy and they are not "investors". Much better prices that way and you lose less.

Foreclosed tend to happen if the investors give up and they don't even bother working with the bank to short sell the home, and the bank has to repo after a few months (3? 6?), then have to get rid of it real fast.

The surprise to me in this chart is South Carolina. I am expecting Florida to be #1 as they are super speculative and aren't heavy into any solid industry like tech or banking. What is the story behind SC?
 
Dave Hess said:
The foreclosure situation is much worse than some idiot here will immediately post a chart / graph to contradict what Im saying.

After Covid the government did everything to prevent foreclosures.
Some homeowners knew they can take advantage of certain programs to kept them in their homes without paying their mortgage.

We also had an election and kicking deadbeats out of their home was a big No No.
Click to expand...
I have known a couple of people that have moved from New York to Florida stay there for a couple years and came right back. They say insurance rates of sky high and the weather was just too much
 
PandaBear said:
...

The surprise to me in this chart is South Carolina. I am expecting Florida to be #1 as they are super speculative and aren't heavy into any solid industry like tech or banking. What is the story behind SC?
Click to expand...
One month does not tell a story. Splitting hairs between FL and SC for OCT
Cherry picking data are on one months worth of filings, kind of like saying EV sales were through the roof in Sept.

For example the foreclosure rate in Florida for the month of Sept was 25% higher than South Carolina. SC came in 5th for the month.
https://www.noradarealestate.com/blog/5-states-facing-the-highest-foreclosure-rates-in-2025/

Same for the Month of August, SC foreclosure filings were down 25% and Florida up 15%

Complete chart in the link above. Also keep in mind as far as Florida, it is not as bad as the media suggests (of course) HU = Housing Units. Some of this MAY BE the abandonment/walking away from old condo's with skyrocketing HOA fees where reserves need to be increased do to the old buildings. Im only saying this because I know someone right now closing on a pretty upscale home in Sarasota/ I was shocked at the low insurance cost. Less than $2000
Screenshot 2025-11-18 at 1.50.00 PM.webp
 
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To keep the ongoing Puppet Show propped up you can NOT lose the housing market and have millions of foreclosures.

Lots of defaults that many people in very high Gov positions are ignoring.
 
SC Maintenance said:
If I may summarize a bit of what I have heard:

Prices are falling especially in certain areas

South Carolina is not much different FWIW. I am actually surprised by Iowa and Ohio?
Click to expand...

Iowa should be no surprise, everything that seems completely divorced from farming in every way shape and form is fully inter-related to the local farm economy.

I’m extraordinarily surprised that the entirety of the Midwest isn’t in complete freefall but there is a not insignificant amount of .gov interference choosing unexpected winners and losers.

Many farms are in distress outside those that are bankrupt.

Farms may make little profit but the cash flow is unimaginably immense.

So A single farm may look like it only employs 3 people but when they are squeezed tens of thousands end up affected downstream much like a massive corporation going under.
 
Dave Hess said:
The foreclosure situation is much worse than some idiot here will immediately post a chart / graph to contradict what Im saying.

After Covid the government did everything to prevent foreclosures.
Some homeowners knew they can take advantage of certain programs to kept them in their homes without paying their mortgage.

We also had an election and kicking deadbeats out of their home was a big No No.
Click to expand...
Yeah I started digging on a Wisconsin county as there were indications that foreclosure levels would likely be similar today as they were before 2020, in the county there are roughly 78,000 homes.
Historically there were always around 1-2 dozen foreclosures going to the sheriff sale (last 25 years)

Looking very casually it appears there are ~5000 homes in extreme delinquency.
There are also around 5000 homes that have been left vacant. (Higher levels oddly than 2009, worth noting our 2009 was more in 2011-2014 but still)

Despite this there has only been 1 sheriff sale listed for July with the last batch in January. (Couldn’t find how many but low single digits likely) Normally there are a dozen tax deed sales every 6 months with none I can find since 2024 from the treasury.

Homes are said to sell in a record time of 36 days, which is extraordinarily unusual

The number of homes sold is said to be 100-200 per month which is also extremely unusual for this area (pandemic was 8 per month) 200 per month is normal for most very good years/summer months in the past.

I’ve been ignoring the housing market in Wisconsin as a lost cause locally but apparently the cost of $25,000 dives has doubled yet again during 2025-2026 into the 200,000-$400,000 area despite a shrinking working age population, reduction in force (fewer jobs) and general stagnation.

The cost of homes for sale at least appears to have escalated in a semi rural county even more now than during the pandemic years.

Because the metrics that are easy and spoon fed for 2026 make absolutely no sense and are contradictory to each other I am almost tempted to do actual work because I think things aren’t being correctly reported by the usual sources.
More delinquency, more outward migration, more vacant property , aging population, fewer jobs = more home sales at higher prices

My comments only apply to one county nearby, YMMV
 
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Pablo said:
Flippers just piss people off.
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Neccesary evil to make the market work - like short sellers in stocks. Without them you would have houses that couldn't sell because they couldn't get a conforming loan or whatever.

No one is obligated to buy from or sell to a flipper.

I would rather it get sold and flipped than sold to a slum lord to rent.
 
SC Maintenance said:
Neccesary evil to make the market work - like short sellers in stocks. Without them you would have houses that couldn't sell because they couldn't get a conforming loan or whatever.

No one is obligated to buy from or sell to a flipper.

I would rather it get sold and flipped than sold to a slum lord to rent.
Click to expand...
I just wanted to post that before anyone else
 
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