The worst inflation in 40 years has led to cascading effects, with consumer sentiment declining and gross domestic product decreasing in the first quarter of this year. While the Federal Reserve has been raising rates to tame inflation, this has resulted in higher mortgage rates. Combined, these factors appear to be cooling the U.S. housing market after white-hot demand in the past two years sent prices skyward.
So far, the number of foreclosure filings in the first six months of the year is still slightly lower than it was in the same period in 2020. But these filings are up 153% from the first half of last year, according to property data provider Attom Data Solutions.
Home foreclosure filings include default notices, bank repossessions, and scheduled auctions and are used as a measure to gauge the health of housing markets at local, state, and national levels.
Salem County, New Jersey – located in the Philadelphia-Camden-Wilmington metropolitan area – has one of the highest foreclosure rates of any U.S. county. According to a recent report from Attom, a total of 124 housing units were in foreclosure in the first half of 2022, up 125.5% from the first half of last year.
The foreclosure rate in Salem County of one in every 224 homes ranks as the third highest of the more than 1,700 counties and county equivalents reviewed.
According to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey, the typical household in Salem County has an income of $64,234 a year and the typical home is worth $185,700. For context, the typical American household’s annual income is $64,994, and the national median home value is $229,800.
RankCountyHomes in foreclosure, 1st half 2022Foreclosure rate (foreclosures per housing unit)Median household income ($)Median home value ($)30Winnebago County, Illinois3811:32855,310121,40029Osceola County, Florida4781:32455,538221,60028Mchenry County, Illinois3691:32490,014234,00027Lake County, California1061:32349,254238,00026Lake County, Indiana6671:32257,530156,10025Onslow County, North Carolina2621:32151,560162,40024Liberty County, Texas1041:31950,917115,30023Gates County, North Carolina151:31845,871142,40022St. Clair County, Illinois3611:31757,473134,80021Grant County, Indiana941:31746,90096,30020Cook County, Illinois7,2651:31267,886255,50019Campbell County, Wyoming641:31080,887224,40018Atlantic County, New Jersey4361:30363,680216,60017Ocean County, New Jersey9881:29872,679286,70016Lexington County, South Carolina4301:29762,740163,20015Madison County, Illinois4031:29464,045138,50014Dorchester County, South Carolina2201:29463,501213,00013Sullivan County, Indiana301:29349,44989,40012Kendall County, Illinois1551:29096,854243,70011Jones County, North Carolina161:29038,32492,20010Warren County, New Jersey1641:28383,497265,7009Huron County, Ohio911:28055,041131,6008Will County, Illinois9171:27390,800239,4007Sussex County, New Jersey2301:27396,222271,5006Gloucester County, New Jersey4541:25889,056224,3005Camden County, New Jersey8401:25370,957200,4004Burlington County, New Jersey7781:23890,329259,6003Salem County, New Jersey1241:22464,234185,7002Cuyahoga County, Ohio3,1001:19951,741137,8001Cumberland County, New Jersey2901:19755,709166,400