How the Foreclosure Rate in Arizona Compares to the Nation

Estimated Reading Time: 2 minutes

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.

ADVERTISEMENT

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 Arizona, foreclosures rose by 165.5%, from 1,208 in the first six months of 2021 to 3,207 in the first half of 2022. The foreclosure rate in the state of one in every 961 homes ranks as the 18th highest in the nation.

According to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey, 63.3% of homeowners in Arizona are paying down a mortgage, the 20th largest share among states.

ADVERTISEMENT

The typical household in the state has an income of $61,529 a year, and the typical home is worth $242,000. 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

ADVERTISEMENT

*****

This article was published by Center Square and is reproduced with permission.

TAKE ACTION

Are you fed up? Are you worried that America in rapidly sliding into a neo-Marxist state by the radical left in control of Washington with historically narrow majorities in the U.S. House and Senate and an Executive controlled by unnamed far leftists in place of a clinically incompetent President Biden? They are desperate to keep power and complete their radical progressive agenda that will change America and our liberty forever.

Americans just witnessed the passage of the Inflation Reduction Act of 2022 without one Republican vote in the U.S. Senate and House (just as Obamacare was passed in 2010). The IRS  will be hiring 87,000 new agents, many armed, to terrorize American taxpayers.

Americans witnessed the FBI raid at the Trump Mar-A-Lago home and property of President Trump, truly a first in all of American history. We know what that is about. 

It is undeniable that the Democrat Party and the administrative state (the executive branches of the DOJ, FBI, IRS, et al) are clear and present dangers to our Republic and our liberty as they increasingly veer further away from the rule of law and the Constitution. What is the solution? At this critical juncture, there is only one action we can all take.

The only viable and timely solution at this critical point is to vote – yes, vote correctly and smartly to retake the U.S. House and Senate on November 8th and to prepare the way to retake the White House in two years. Vote and help everyone you know to vote. Please click the TAKE ACTION link below – we must vote correctly and in great numbers to be sure our votes are counted to diminish the potential for the left to rig and steal the midterms and the 2024 elections as they are clearly intending to do after their success in 2020.

 

 

TAKE ACTION
Print Friendly, PDF & Email
ADVERTISEMENT