The 5 States With The Most Foreclosures

5.) Illinois

The cheapest real estate market on the list, Illinois is a great choice for homebuyers on a budget!

Median Home Price: $147,800

Photo Credit: Flickr/Mindfrieze

Illinois• 1 in every 811 housing units in Illinois received a

foreclosure notice in February• According to Zillow, Illinois’ market is rated a 0.6

out of 10 in terms of overall “healthiness”• It takes almost two years to foreclose on a home in

Illinois, so there will be inventory hitting the market for some time now.

• When you combine these facts with the average home sitting on the market for more than four months, buyers definitely have the power to seek out some good deals.

4.) New Jersey

• Not only is NJ one of the more expensive housing markets, but property taxes make home affordability difficult for many people

Median Home Price: $274,800

Photo Credit: Tim Kiser

New Jersey• 1 in every 739 housing units in New Jersey received

a foreclosure notice in February• According to Zillow, New Jersey has a “healthy”

real estate market, rated 6.9/10• It takes almost three years to foreclose on a home

in New Jersey, so there will be inventory hitting the market for some time now.

• Because it takes so long to foreclose, banks wait for as long as they can before pursuing the lengthy and expensive process, which is why we are still seeing lots of activity.

3.) Nevada

• Nevada was one of the hardest-hit states by the mortgage crisis, with home values still down by more than 44% from the peak

Median Home Value: $176,200

Nevada

• 1 in every 633 housing units in Nevada received a foreclosure notice in February

• According to www.realtytrac.com, the vast majority of bank-owned properties in Nevada are priced between $100-200k

• The majority of foreclosed homes were built after 1990, which means that homebuyers can get good deals on newer homes in lower price ranges.

2.) Maryland

Photo Credit: Alexrk2

Median Home Value: $241,300

Maryland

• 1 in every 557 housing units in Maryland received a foreclosure notice in February

• Although Maryland’s median home value is $241,300, the majority of foreclosed homes are in the $100-200k range

• The majority of foreclosed homes were built before 1959, so prospective buyers need to take the additional maintenance requirements of older homes into consideration.

1.) Florida

• Just like Nevada, Florida was especially affected by the mortgage crisis.

Median Home Price:$154,400

pPPPhoto Credit: flickr/anoldent

Florida

• 1 in every 372 housing units in Florida received a foreclosure notice in February

• To put this in perspective, if this trend continued every month, this means that 3.2% of Florida’s homes will go into foreclosure each year!

• Some parts of Florida have much higher foreclosure rates. For example, in Flagler county, 1 in 187 homes entered foreclosure in February alone.

Why look at foreclosures?

• According to sales data, foreclosed homes sell for about 28% less than traditional sales

Photo: Jeff Turner

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