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The story behind national and individual state foreclosure rates

The Great Recession created unprecedented levels of economic havoc. Foreclosures throughout the country reached history highs. In 2009 alone, one in approximately 45 American households was in the process of foreclosure of their homes.

Fast forward to today. Home prices have returned to pre-recession levels and, in some cases, much higher than eight years ago. According to ATTOM Data Solutions, the foreclosure rate in 2016 reveals that one in every 142 American citizens is in danger of losing their homes.

While national numbers show significant recovery, the comebacks of individual housing markets vary depending on the region. Individual state foreclosure rates range from one in every 1,559 to one in every 54. Foreclosures are not only affected by the strength of the regional economy, but also real estate values and household incomes.

During the recession, areas of the country with rapidly declining home values had much higher foreclosure rates. That relationship continues with home prices returning to pre-recession levels and foreclosure rates dropping dramatically.

On a national level, the ATTOM study shows that the typical home is worth approximately seven percent more today than in 2009. However, residential real estate prices increased less than seven percent in all but four of the 20 states with the highest foreclosure rates.

Texas ranks at 33 in the nation with a foreclosure rate at one in every 222. The state ranked sixth in housing units in foreclosure at 45,807. Median home value is at $152,000, the 16th lowest. Homes that are seriously underwater with the possibility of looming foreclosure ranks 16th lowest at 5.5 percent.

A recovery does not mean that markets have completely recovered. Nationally, the lingering and potentially troubling high foreclosure rates continue to create uncertainty in many housing markets. Those numbers may continue to hold home price rates down and result in discounted prices, particularly in foreclosure sales.

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William T. Peckham
1104 Nueces Street, Suite 104
Austin, TX 78701
Phone: 512-487-7604
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