How the Foreclosure Rate in Iowa Compares to the Nation

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 Iowa, foreclosures rose by 114.0%, from 734 in the first six months of 2021 to 1,571 in the first half of 2022. The foreclosure rate in the state of one in every 899 homes ranks as the 15th highest in the nation.

According to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey, 60.4% of homeowners in Iowa are paying down a mortgage, the 22nd smallest share among states.

The typical household in the state has an income of $61,836 a year, and the typical home is worth $153,900. For context, the typical American household’s annual income is $64,994, and the national median home value is $229,800.

RankStateForeclosure rate (foreclosures per housing unit)Homes in foreclosure, 1st half 2022Homes with a mortgage (%)Median home value ($)1Illinois1:38514,08662.8202,1002New Jersey1:4109,17766.0343,5003Ohio1:47511,02862.4151,4004Delaware1:49790364.7258,3005South Carolina1:5134,56857.7170,1006Florida1:56017,62456.7232,0007Nevada1:5672,25967.5290,2008Indiana1:6064,82265.2148,9009Georgia1:7705,73164.5190,20010Michigan1:7735,91359.6162,60011Connecticut1:7731,97967.4279,70012Oklahoma1:8242,12054.5142,40013Maryland1:8632,93472.5325,40014California1:88116,34069.5538,50015Iowa1:8991,57160.4153,90016Alabama1:9252,47555.7149,60017North Carolina1:9584,91762.5182,10018Arizona1:9613,20763.3242,00019Texas1:1,00511,52756.8187,20020Pennsylvania1:1,0385,53159.9187,50021Maine1:1,05070460.7198,00022Colorado1:1,0732,32270.8369,90023Missouri1:1,0732,59661.2163,60024New York1:1,1067,67359.9325,00025Louisiana1:1,1071,87352.0168,10026Utah1:1,1271,02270.1305,40027Minnesota1:1,1692,12666.0235,70028Virginia1:1,2122,98568.2282,80029New Mexico1:1,22576853.4175,70030Wyoming1:1,39419558.1228,00031Mississippi1:1,39794550.0125,50032Hawaii1:1,43139264.4636,40033Nebraska1:1,44358559.4164,00034Wisconsin1:1,5031,81563.3189,20035Tennessee1:1,5281,98459.0177,60036Massachusetts1:1,5351,95468.5398,80037Rhode Island1:1,56031067.9276,60038New Hampshire1:1,59340165.0272,30039Arkansas1:1,71579654.2133,60040Alaska1:1,98516061.9275,60041Washington1:2,4001,33468.2366,80042Kentucky1:2,43282057.2147,10043Idaho1:2,47330464.1235,60044Montana1:2,65419456.0244,90045Oregon1:2,78265266.1336,70046Kansas1:2,81045458.6157,60047West Virginia1:3,62623646.7123,20048North Dakota1:4,4668353.2199,90049Vermont1:7,5984462.4230,90050South Dakota1:9,0684355.0174,600

Free News Delivery by Email

Would you like to have the day's news stories delivered right to your inbox every evening? Enter your email below to start!

Leave a Reply

Your email address will not be published.