The U.S. is in the midst of a housing boom, with the median home price increasing by more than 16%, from the first quarter of 2020 to the first quarter of 2021. Prices rose from $236,250 to $278,000 in that time. In March 2021, there were more than 1.7 million new home starts, up nearly 20% from the previous month.
While this seems to be a positive sign for the U.S. economy, the last time there was a major building boom in the U.S., it ended in the housing bubble bursting and triggering the Great Recession. Different factors were involved then, namely lending companies giving loans to borrowers with bad credit history, which in turn led to a rash of foreclosures. There are reasons to believe that this boom will be different, but there are still many major American cities where residents are struggling to meet their mortgage payments.
To determine the American cities with the most foreclosures, 24/7 Wall St. reviewed data from ATTOM Data Solutions on the percentage of housing units that had foreclosure filings in the first quarter of 2021 in major metropolitan areas.
Across the country’s major metro areas, there are 105.2 million housing units, and 26,481 of those were being foreclosed on. This equates to one foreclosure per 3,971 housing units. There are many areas where foreclosures are more than twice as common.
Of the 25 metro areas with the highest foreclosure rate, 13 are in the South, eight in the Midwest, two in the South, and just one in the Northeast. No state has more high-foreclosure areas than Florida, which has five. Ohio ranks second with three.
Though the residents of these areas are more likely to struggle to afford their homes, the homes themselves are relatively inexpensive. Of the 16 metro areas with median price data for the first quarter of 2021, just two have a higher median home price than is typical nationwide. These are the cities where home values are falling the fastest.
Click here to see the American city with the most foreclosures.
25. Ocala, FL
> Foreclosure rate, Q1 2021: 2,086 housing units per foreclosure (total filings: 81)
> Median home sales price: N/A
> Total housing units: 168,985
> Population: 353,526
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24. Elkhart-Goshen, IN
> Foreclosure rate, Q1 2021: 2,081 housing units per foreclosure (total filings: 38)
> Median home sales price: N/A
> Total housing units: 79,096
> Population: 204,558
23. Columbia, SC
> Foreclosure rate, Q1 2021: 2,054 housing units per foreclosure (total filings: 173)
> Median home sales price: $180,000
> Total housing units: 355,348
> Population: 824,278
22. Gainesville, FL
> Foreclosure rate, Q1 2021: 2,049 housing units per foreclosure (total filings: 61)
> Median home sales price: $206,400
> Total housing units: 124,965
> Population: 283,396
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21. Augusta-Richmond County, GA-SC
> Foreclosure rate, Q1 2021: 2,016 housing units per foreclosure (total filings: 128)
> Median home sales price: $162,250
> Total housing units: 258,018
> Population: 599,616
20. Dayton, OH
> Foreclosure rate, Q1 2021: 2,008 housing units per foreclosure (total filings: 184)
> Median home sales price: $138,000
> Total housing units: 369,474
> Population: 803,543
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19. Deltona-Daytona Beach-Ormond Beach, FL
> Foreclosure rate, Q1 2021: 1,978 housing units per foreclosure (total filings: 158)
> Median home sales price: $250,000
> Total housing units: 312,477
> Population: 646,288
18. Tallahassee, FL
> Foreclosure rate, Q1 2021: 1,938 housing units per foreclosure (total filings: 88)
> Median home sales price: $200,000
> Total housing units: 170,529
> Population: 382,197
17. Beaumont-Port Arthur, TX
> Foreclosure rate, Q1 2021: 1,935 housing units per foreclosure (total filings: 92)
> Median home sales price: N/A
> Total housing units: 178,050
> Population: 409,088
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16. Akron, OH
> Foreclosure rate, Q1 2021: 1,910 housing units per foreclosure (total filings: 165)
> Median home sales price: $136,900
> Total housing units: 315,127
> Population: 703,845
15. Lake Charles, LA
> Foreclosure rate, Q1 2021: 1,886 housing units per foreclosure (total filings: 50)
> Median home sales price: N/A
> Total housing units: 94,293
> Population: 208,549
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14. Fayetteville, NC
> Foreclosure rate, Q1 2021: 1,879 housing units per foreclosure (total filings: 89)
> Median home sales price: N/A
> Total housing units: 167,208
> Population: 386,818
13. Peoria, IL
> Foreclosure rate, Q1 2021: 1,792 housing units per foreclosure (total filings: 93)
> Median home sales price: $116,500
> Total housing units: 166,664
> Population: 371,791
12. Jacksonville, FL
> Foreclosure rate, Q1 2021: 1,757 housing units per foreclosure (total filings: 367)
> Median home sales price: $250,450
> Total housing units: 644,897
> Population: 1,503,574
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11. Davenport-Moline-Rock Island, IA-IL
> Foreclosure rate, Q1 2021: 1,717 housing units per foreclosure (total filings: 99)
> Median home sales price: $132,000
> Total housing units: 169,977
> Population: 381,175
10. Rockford, IL
> Foreclosure rate, Q1 2021: 1,715 housing units per foreclosure (total filings: 85)
> Median home sales price: N/A
> Total housing units: 145,767
> Population: 338,356
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9. Birmingham-Hoover, AL
> Foreclosure rate, Q1 2021: 1,670 housing units per foreclosure (total filings: 309)
> Median home sales price: $190,000
> Total housing units: 516,006
> Population: 1,149,440
8. Florence, SC
> Foreclosure rate, Q1 2021: 1,606 housing units per foreclosure (total filings: 57)
> Median home sales price: N/A
> Total housing units: 91,544
> Population: 205,502
7. South Bend-Mishawaka, IN-MI
> Foreclosure rate, Q1 2021: 1,572 housing units per foreclosure (total filings: 91)
> Median home sales price: $142,800
> Total housing units: 143,008
> Population: 321,739
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6. Cleveland-Elyria, OH
> Foreclosure rate, Q1 2021: 1,456 housing units per foreclosure (total filings: 661)
> Median home sales price: $148,500
> Total housing units: 962,179
> Population: 2,056,898
5. Atlantic City-Hammonton, NJ
> Foreclosure rate, Q1 2021: 1,441 housing units per foreclosure (total filings: 89)
> Median home sales price: N/A
> Total housing units: 128,251
> Population: 266,105
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4. Shreveport-Bossier City, LA
> Foreclosure rate, Q1 2021: 1,353 housing units per foreclosure (total filings: 150)
> Median home sales price: $169,900
> Total housing units: 202,929
> Population: 438,861
3. McAllen-Edinburg-Mission, TX
> Foreclosure rate, Q1 2021: 1,297 housing units per foreclosure (total filings: 213)
> Median home sales price: N/A
> Total housing units: 276,307
> Population: 855,176
2. Provo-Orem, UT
> Foreclosure rate, Q1 2021: 1,280 housing units per foreclosure (total filings: 139)
> Median home sales price: $400,594
> Total housing units: 177,920
> Population: 616,791
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1. Lake Havasu City-Kingman, AZ
> Foreclosure rate, Q1 2021: 518 housing units per foreclosure (total filings: 221)
> Median home sales price: $297,000
> Total housing units: 114,573
> Population: 207,695
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