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The fifth-most populous state saw 1,266 homes out of 5,753,908 total housing units go into foreclosure, making the state’s foreclosure rate one in every 4,545 households.
The states with the highest foreclosure rates were Maryland at one in 2,214; Illinois at one in 2,517; Nevada at one in 2,546; South Carolina at one in 2,573; and Florida at one in 2,854.
Delaware had the highest foreclosure rate of any state in July, at one foreclosure filing for every 2,214 housing units, followed by Nevada with one for every 2,245. ... Demographic trends are ...
Many states require this sort of proceeding in some or all cases of foreclosure to protect any equity the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the real property; this also discourages a strategic foreclosure by a lender who wants to obtain the property ...
Several states have passed laws to prevent and/or regulate equity stripping schemes. Minnesota passed a comprehensive law aimed at "foreclosure re-conveyance" practices in 2004, and Maryland in 2005 was the first of at least 14 other states to adopt the Minnesota model for regulating these transactions. [4]
The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including Bank of America, JP Morgan, Wells Fargo, and Citigroup—responded by halting their foreclosure proceedings temporarily in some or all states. [3] [4] The foreclosure crisis caused significant investor fear in the U.S ...
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U.S. states and D.C. by median home price, February 2024 (in February 2024 dollars) [1] State rank State or territory Median home price in US$ 1 Hawaii: $839,013 2 California: $765,197 — District of Columbia: $610,548 3 Massachusetts: $596,410 4 Washington: $575,894 5 Colorado: $539,151 6 Utah: $509,433 7 New Jersey: $503,432 8 Oregon: $487,244 9