Home > Mortgages > 5 States Where Home Repossessions Are on the Rise

Comments 0 Comments
Advertiser Disclosure


Foreclosure activity in the U.S. increased from September to October, driven mostly by a jump in scheduled foreclosure auctions and homes repossessed by lenders. RealtyTrac’s monthly foreclosure report shows changes in foreclosure activity — default notices, bank repossessions and scheduled auctions of residential properties — across the country, on a state level and in the 20 most populated metropolitan statistical areas (MSAs).

Though foreclosure activity is down year-over-year — there were 8% fewer properties in foreclosure in October 2014 than in October 2013 — the 15% month-over-month increase in foreclosure filings is the biggest monthly jump since March 2010, when foreclosure activity in the U.S. peaked. A spike in bank repossessions greatly contributed to that: There was a 22% monthly increase in bank repossessions (REOs), which is the largest monthly increase since June 2009.

Overall, repossessions declined 26% from last year, but 16 states saw an annual increase. Here are the five states that saw the largest jumps in people losing their homes through repossession in October.

5. New York

Number of properties repossessed: 293

Increase in REOs: 18%

Overall, New York doesn’t have a very high foreclosure rate. It’s ranked 29th among all states for foreclosure activity, and properties with a foreclosure filing declined about 3% from last month. At the same time, foreclosures increased 12% from last year, and New York City experienced a 7% annual increase (it reported the fifth-largest increase of the 10 major MSAs with an uptick in foreclosures). One in every 1,931 properties in New York state is in foreclosure.

4. Oregon

Number of properties repossessed: 209

Increase in REOs: 20%

Foreclosure activity increased the most in Oregon, with the exception of the District of Columbia, in which filings spiked 354.55% from 2013. Among the 50 states, however, Oregon gets the distinction of biggest jump in foreclosure activity (up 175.6%), just narrowly beating out Mississippi’s increase (up 175.36%). One in every 1,335 properties in Oregon is in foreclosure.

3. New Jersey

Number of properties repossessed: 522

Increase in REOs: 22%

Three cheers for New Jersey: Last month, it ranked No. 2 in states with the highest foreclosure rates, but it dropped to No. 9 with a 42% decline in activity. Only one in every 878 New Jersey properties has a foreclosure filing on it, down from one in 511. Despite the fall in ranking and foreclosure activity, it experienced a significant jump in repossessions.

2. Pennsylvania

Number of properties repossessed: 1,189

Increase in REOs: 25%

Foreclosure activity in Pennsylvania hasn’t changed much since October 2013 — it dropped 1.53% — but a large portion of the foreclosure filings in October involved REOs. More than 1,000 properties were repossessed, an increase of 25% from last year, and it has the 13th highest foreclosure rate with one in every 1,126 Pennsylvania properties in some state of foreclosure.

1. Maryland

Number of properties repossessed: 1,602

Increase in REOs: 190%

There’s a lot going on in this small state. Its $69,826 median income makes it the richest state, according to the U.S. Census Bureau, but it also has the highest foreclosure rate. It unseated Florida from that dubious throne in October. Foreclosures increased 68% from September and 30% from 2013 to a 51-month high of one in 400 properties in foreclosure.

Including Maryland, the five states with the highest foreclosure rates are Florida (one in 444, down 25% from 2013); Nevada (one in 596, down 25%); Ohio (one in 674, down 22%); and Illinois (one in 712, down 22%).

A foreclosure is difficult to deal with and challenging to recover from. However, over time and with effort you can rebuild your finances and credit. If you’re working to recover from a foreclosure, it’s important to check your credit reports and credit scores and come up with a game plan. You can pull your credit reports for free once a year on AnnualCreditReport.com and you can see two of your credit scores for free, updated every 14 days, on Credit.com.

More on Mortgages & Homebuying:

Image: Andy Dean

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team