The Best States to Buy Foreclosed Houses
Are you interested and looking to buy foreclosed houses? If so, read on! Foreclosures are always a favorite property type for both buyers and investors. Inexpensive and easy to fund, there is a high possibility of good ROI. However, foreclosures have been in decay as of late. That’s great, but for investors and buyers, that means stiffer competition. And as indicated by market reports, a large portion of 2021 saw foreclosures hit a record low. Only one in every 824 lodgings (around 0.12%) has gone into foreclosure to this point in the current year.
But, at the same time, foreclosure rates of some parts of the country witnessed an increase. With the highest foreclosure rates, these parts are perfect to buy foreclosed houses. For anyone on the quest and looking for the best deals, here are the top states in the US with the highest foreclosure rates.
The Top States to Buy Foreclosed Houses
The following states are worth mentioning as the best states with high foreclosure opportunities:
Nevada is the 34th most populous state in the US. This year, it took the top position as one out of every 3,000 houses heading towards foreclosure and a total of 1.3 million housing units. Counties such as Mineral, Lincoln, Humboldt, Lander, and Clark have the highest rates so that would be a great place to start looking to buy foreclosed houses.
Florida is the 3rd most populous state with more than 9.4 million housing units. Out of this number, 2,500 units headed into foreclosure. This means that every 3,800 units had one home leading into foreclosure. Levy, Osceola, Broward, Hamilton, and Holmes had the most foreclosures per housing unit.
3- Illinois Foreclosed Houses
Illinois is the sixth largest state by population with more than 5.3 million houses and above 1,400 homes fell victim to foreclosure with a rate of one in every 3,800 homes. The best places to buy foreclosed houses in Illinois are Saint Clair, WhiteSide, Livingston, Marion, and Massac.
Delaware repeatedly ranks 4th in the highest foreclosure rates or foreclosed houses and is the 6th least populated state in the US. One in 3,800 homes has declared foreclosure out of the total 433,000. Only three counties have the highest foreclosure rates in Delaware: Kent, Sussex, and Castle. So, checking out these counties is a good idea to buy foreclosed houses.
5- New Jersey
With the same ranking as in 2021, New Jersey is still at 5th position in the highest closure rates. The 11th most populous state has 927 housing units claiming foreclosure. In total, New Jersey has above 3.6 million housing units. Salem, Camden, Burlington, Warren, and Sussex counties saw the highest rates in foreclosed houses.
6- Ohio Foreclosed Houses
Ohio this year saw lower rates and ribboned in the list with the 6th spot. The Buckeye state has more than 5.2 million units and one in 4,500 homes foreclosed. The 7th most populous state had counties such as Cuyahoga, Fayette, Harrison, Trumbull, and Mahoning maintaining the highest foreclosure rates.
7- South Carolina
South Carolina is famous for its gorgeous coastlines and historic homes. 7th spot in the ranking this year with 480 units in total filing foreclosures in a total of 2.28 million housing units. It’s the 23rd most populated state with Richland, Florence, Sumter, Lexington, and Dorchester counties seeing the most foreclosures or foreclosed houses.
8- Indiana Foreclosed Houses
Hosting the largest single-day motor racing event- the Indianapolis 500 and three Fortune 500 companies, Indiana took the 8th spot here. It is also the 17th largest state, by populous, with about 2.9 million homes, and out of this, 547 housing units had foreclosed. Delaware, De Kalb, Martin, Vanderburgh, and Rush counties had the most foreclosures per housing unit.
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