Demand for single-family homes surged in the past two years, as the coronavirus pandemic prompted people to look for more living space. The increased demand, facilitated by low interest rates and coupled with supply constraints, led to soaring home prices. (These are 15 cities with the most overpriced housing markets.)

But now the U.S. housing market appears to be coming back to earth, with some parts of the country showing early distress signs. Foreclosure filings — a measure of the health of housing markets at local, state, or national levels — are on the rise across the country.

According to Attom, a curator of land and property data, home foreclosure filings – which include default notices, bank repossessions, and scheduled auctions – are up 153% in the first half of 2022 compared to the same period last year.

In Texas, foreclosures rose by 187.3%, from 4,012 in the first six months of 2021 to 11,527 in the first half of 2022. The foreclosure rate in the state of one in every 1,005 homes ranks as the 19th highest in the nation.

According to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey, 56.8% of homeowners in Texas are paying down a mortgage, the 12th smallest share among states.

The typical household in the state has an income of $63,826 a year, and the typical home is worth $187,200. For context, the typical American household’s annual income is $64,994, and the national median home value is $229,800.

 

Rank	State	Foreclosure rate (foreclosures per housing unit)	Homes in foreclosure, 1st half 2022	Homes with a mortgage (%)	Median home value ($)
1	Illinois	1:385	14,086	62.8	202,100
2	New Jersey	1:410	9,177	66.0	343,500
3	Ohio	1:475	11,028	62.4	151,400
4	Delaware	1:497	903	64.7	258,300
5	South Carolina	1:513	4,568	57.7	170,100
6	Florida	1:560	17,624	56.7	232,000
7	Nevada	1:567	2,259	67.5	290,200
8	Indiana	1:606	4,822	65.2	148,900
9	Georgia	1:770	5,731	64.5	190,200
10	Michigan	1:773	5,913	59.6	162,600
11	Connecticut	1:773	1,979	67.4	279,700
12	Oklahoma	1:824	2,120	54.5	142,400
13	Maryland	1:863	2,934	72.5	325,400
14	California	1:881	16,340	69.5	538,500
15	Iowa	1:899	1,571	60.4	153,900
16	Alabama	1:925	2,475	55.7	149,600
17	North Carolina	1:958	4,917	62.5	182,100
18	Arizona	1:961	3,207	63.3	242,000
19	Texas	1:1,005	11,527	56.8	187,200
20	Pennsylvania	1:1,038	5,531	59.9	187,500
21	Maine	1:1,050	704	60.7	198,000
22	Colorado	1:1,073	2,322	70.8	369,900
23	Missouri	1:1,073	2,596	61.2	163,600
24	New York	1:1,106	7,673	59.9	325,000
25	Louisiana	1:1,107	1,873	52.0	168,100
26	Utah	1:1,127	1,022	70.1	305,400
27	Minnesota	1:1,169	2,126	66.0	235,700
28	Virginia	1:1,212	2,985	68.2	282,800
29	New Mexico	1:1,225	768	53.4	175,700
30	Wyoming	1:1,394	195	58.1	228,000
31	Mississippi	1:1,397	945	50.0	125,500
32	Hawaii	1:1,431	392	64.4	636,400
33	Nebraska	1:1,443	585	59.4	164,000
34	Wisconsin	1:1,503	1,815	63.3	189,200
35	Tennessee	1:1,528	1,984	59.0	177,600
36	Massachusetts	1:1,535	1,954	68.5	398,800
37	Rhode Island	1:1,560	310	67.9	276,600
38	New Hampshire	1:1,593	401	65.0	272,300
39	Arkansas	1:1,715	796	54.2	133,600
40	Alaska	1:1,985	160	61.9	275,600
41	Washington	1:2,400	1,334	68.2	366,800
42	Kentucky	1:2,432	820	57.2	147,100
43	Idaho	1:2,473	304	64.1	235,600
44	Montana	1:2,654	194	56.0	244,900
45	Oregon	1:2,782	652	66.1	336,700
46	Kansas	1:2,810	454	58.6	157,600
47	West Virginia	1:3,626	236	46.7	123,200
48	North Dakota	1:4,466	83	53.2	199,900
49	Vermont	1:7,598	44	62.4	230,900
50	South Dakota	1:9,068	43	55.0	174,600

 

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