homeowners in certain states are facing foreclosures more than other states even though foreclosures in the country overall we down year-over-year certain places in the country we suddenly seeing a surge in foreclosure filings what is going on Experts have been saying there's going to be a wave of foreclosures coming in this country now with the sudden rise and filings in these other states is that a sign of things to come I'm going to talk about where these foreclosure filings are happening and what could be potentially causing the sudden rise in the Foreclosure filings so I'm going to get into that right now so let's get started I'm sharing with you today data from adam. com you've heard me refer to this company in the past so what they do is they're a curator of all things real estate all real estate data and they follow all the Foreclosure filings that go on in this country so adam. com just came out with their midyear report for 2024 showing what the Foreclosure filings were like for the first half of this year now overall it did show that in the country there was a decline by about 3 and a half% forclosure filings but there were a handful of states that suddenly saw a surge in filings according to this report the states that had the greatest increases in foreclosure filings was South Dakota they saw a 93% surge in foreclosure filings North Dakota was up 86% Kentucky was up 73% Massachusetts saw a 46% increase and Idaho was up 30% now these are the states that saw the highest increases in filings now there were a couple of States out there that have the highest foreclosure rates number one being New Jersey Illinois came in second Florida Nevada and South Carolina also made that list of having the highest foreclosure rates some other data points that adam.
com shared for the month of June they said Nationwide June of 2024 one in every 5,071 properties had a foreclosure filing 18574 us properties started the foreclosure process in June of 2024 now that's down 177% from the previous month and it's actually down 22. 7% from the prior June so again yeah there was a decrease overall in the Foreclosure filings for the first half of this year but those States those are pretty big numbers to see the increase South Dakota 93% increase in foreclosure filing so what is going on well I'm going to share with you what's going on what I think is going on and I have an article here that talks about this very thing I've talked about this before there has been the increase in homeowners insurance and property taxes and it's making really tough for people to afford their payments their monthly payments now remember people go into this they go in to buy a house and they're being told what their principal and interest are for the monthly mortgage payment and it may seem all great and dandy it seems pretty low it seems reasonable hey I can manage this but once these people are in home for a couple of years the property taxes and insurance are skyrocketing so it's making it more difficult for them to be able to afford to pay for the house if you were curious to know about how many foreclosures are happening in your Market in your town or if you're in the market to buy a foreclosed home because that's the most affordable option for you right now I highly recommend you check out foreclosures. com foreclosures.
com is most comprehensive foreclosure and distressed property website they upload thousands of listings daily and they range anywhere from pre-foreclosure tax leans and bank owned properties it is very simple to use you just go in and you type in the market that you're interested in and you click search and it'll bring up all of the properties that are in foreclosure once you get in there you can click on The View details it it'll give you all the details of that property it'll also tell you what the procedures are in order to buy the home it also provides a mortgage calculator to give you an idea of exactly how much your mortgage payment would be if you were to buy this home at the price that is listed there if you click the link down below to foreclosures. com you can gain access to a free 7-Day trial right now to check it out to see if this is a good tool for you to use and again to see if there's a more affordable home out there for you or if you want to check to see what the Foreclosure activi is like in your Market I highly recommend that you use this tool don't forget click the link below to get your free 7-Day trial in my research I found that money. com talks about this very thing that I've been saying to you guys for the past few months of this concern with the rise in insurance rates and property taxes now it goes on to say here that they're finding it more so in the southern states with the rise in insurance rates now it says here at money.
com that in Houston foreclosure filings in the first quarter were up 36. 5% year-over-year and again this is data from Adam and other large increases were documented in Orlando Tampa and Miami it goes on to say that the higher Insurance costs and the property taxes is what's contributing to these increase of foreclosure filings so the article goes on to say that a large body of research shows that unexpected changes in monthly budgets are the big impetus for foreclosures that could be someone becoming unemployed or having a sudden Health shock but when foreclosure filings rise sharply in a city or region the cause is usually more systemic we're seeing consumers experiencing Rising Insurance costs and in some cases costs notably higher than they expected when they were buying that home initially in some of these examples Insurance prices are going up 25% year on-ear for a couple of years in a row while he says researchers are still early in the process of investigating the impacts of rising home insurance costs on American households this surge appears to be a likely culprit of the increase in foreclosures in certain cities beyond the South foreclosure filings are up sharply in some California cities like San Francisco at 39. 9% and Sacramento 32.
