Buying a home is one of the largest financial commitments you can make, and sometimes people get in over their heads. According to the latest data from RealtyTrac, a total of 253,408 U.S. properties started the foreclosure process in the first half of this year. While that is a large number, it is down 17% from a year ago, which is the lowest amount seen in a half-year's time since RealtyTrack started monitoring foreclosure data in 2006.
"Although there are some local outliers, the downward foreclosure trend continued in the first half of 2016 in most markets nationwide," Daren Blomquist, senior vice president at RealtyTrac, said in a press release.
If you're having a hard time with your housing budget, you may want to consider asking your lender(s) for guidance to help you avoid foreclosure. Missing a mortgage payment or two can affect your credit scores, and a foreclosure will be even more detrimental. (To see how your mortgage is affecting your credit scores, you can review your free credit report summary, updated monthly, on Credit.com.)
Check out the 10 states with the highest foreclosure rates so far in 2016.
10. Indiana
January – June 2016 Foreclosure Rate: 1 in every 211 homes
Change from January – June 2015: down 12.44%
9. Connecticut
January – June 2016 Foreclosure Rate: 1 in every 206 homes
Change from January – June 2015: up 40.28%
8. South Carolina
January – June 2016 Foreclosure Rate: 1 in every 187 homes
Change from January – June 2015: up 0.86%
7. Ohio
January – June 2016 Foreclosure Rate: 1 in every 186 homes
Change from January – June 2015: down 7.53%
6. Illinois
January – June 2016 Foreclosure Rate: 1 in every 164 homes
Change from January – June 2015: down 17.36%
5. Nevada
January – June 2016 Foreclosure Rate: 1 in every 148 homes
Change from January – June 2015: down 14.20%
4. Florida
January – June 2016 Foreclosure Rate: 1 in every 144 homes
Change from January – June 2015: down 33.74%
3. Delaware
January – June 2016 Foreclosure Rate: 1 in every 128 homes
Change from January – June 2015: up 28.77%
2. Maryland
January – June 2016 Foreclosure Rate: 1 in every 111 homes
Change from January – June 2015: down 1.33%
1. New Jersey
January – June 2016 Foreclosure Rate: 1 in every 102 homes
Change from January – June 2015: up 6.61%
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