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.

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.

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

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