Foreclosure Rate

Definition

Percentage of mortgage loans in foreclosure, Quarter 2, 2012.

Description

Because of its devastating impact on a household’s finances in addition to displacing families from their homes, the foreclosure rate is an important measure of financial distress. 10.9 million homes went into foreclosure between 2007 and 2011, according to the Center for Responsible Lending. When combined with the percentage of delinquent mortgage loans, this measure can paint a broad picture of which states have been most severely affected by the foreclosure crisis.

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Foreclosure Rate

State	Foreclosure Rate (%)	Rank
United States	4.27%
Alabama	2.09%	12
Alaska	1.20%	3
Arizona	3.24%	28
Arkansas	2.17%	13
California	3.07%	27
Colorado	1.90%	9
Connecticut	5.40%	45
Delaware	3.39%	31
District of Columbia	2.94%	23
Florida	13.70%	51
Georgia	3.04%	26
Hawaii	4.67%	42
Idaho	2.91%	22
Illinois	7.11%	49
Indiana	4.59%	41
Iowa	2.67%	19
Kansas	2.32%	15
Kentucky	3.75%	34
Louisiana	3.37%	30
Maine	5.69%	46
Maryland	4.93%	44
Massachusetts	2.95%	24
Michigan	2.83%	21
Minnesota	2.33%	16
Mississippi	3.44%	33
Missouri	1.98%	10
Montana	1.65%	6
Nebraska	1.40%	4
Nevada	6.09%	47
New Hampshire	2.36%	18
New Jersey	7.65%	50
New Mexico	4.09%	39
New York	6.47%	48
North Carolina	3.00%	25
North Dakota	1.06%	2
Ohio	4.87%	43
Oklahoma	3.42%	32
Oregon	3.86%	36
Pennsylvania	3.85%	35
Rhode Island	3.90%	38
South Carolina	4.33%	40
South Dakota	1.49%	5
Tennessee	2.35%	17
Texas	1.89%	8
Utah	2.20%	14
Vermont	3.88%	37
Virginia	1.74%	7
Washington	2.70%	20
West Virginia	1.98%	10
Wisconsin	3.24%	28
Wyoming	0.80%	1

Source

National Delinquency Survey: Second Quarter 2012. Washington, DC: Mortgage Bankers Association, 2012.