Highest Foreclosure Rates In The U.S.
Citizens in California carry more mortgage debt than any other state in the United States, a new study finds. In California, mortgage debt per person is $313,749, and credit card debt is at $6,434 per person, a report by Credit Karma reveals. The median household income is $57,708. While most of the residents of the states with the highest mortgage debt have been able to support the massive mortgages despite the fact that their homes have lost significant value, California is a different story. In 2006, California had the most expensive homes in the country, with a median home value of $532,000. By 2010, that value had declined by $164,000 – more than 30%. The effects of this massive decline in home prices had wide-reaching effects on the state economy. Unemployment in California is now the second-highest in the country, and 14.5% of the population lives below the poverty line. The average mortgage debt per person of $313,749 has been too much for thousands of residents. In December alone, one in every 252 homes was foreclosed on, according to the report. Most of the states on the list have extremely high mortgage debt because of the size of their initial mortgages. States where residents carry the most mortgage debt:
Citizens in California carry more mortgage debt than any other state in the United States, a new study finds. In California, mortgage debt per person is $313,749, and credit card debt is at $6,434 per person, a report by Credit Karma reveals. The median household income is $57,708. While most of the residents of the states with the highest mortgage debt have been able to support the massive mortgages despite the fact that their homes have lost significant value, California is a different story. In 2006, California had the most expensive homes in the country, with a median home value of $532,000. By 2010, that value had declined by $164,000 – more than 30%. The effects of this massive decline in home prices had wide-reaching effects on the state economy. Unemployment in California is now the second-highest in the country, and 14.5% of the population lives below the poverty line. The average mortgage debt per person of $313,749 has been too much for thousands of residents. In December alone, one in every 252 homes was foreclosed on, according to the report. Most of the states on the list have extremely high mortgage debt because of the size of their initial mortgages. States where residents carry the most mortgage debt:
| State | Mortgage Debt per person |
Median Household Income |
Credit Card Debt per person |
| 1.California | $313,749 | $57,708 | $6,434 |
| 2. Hawaii | $307,508 | $63,030 | $7,527 |
| 3. Maryland | $242,445 | $68,854 | $7,226 |
| 4. New Jersey | $236,017 | $67,681 | $7,608 |
| 5. Washington | $225,581 | $55,681 | $6,825 |
| 6. Massachusetts | $224,661 | $62,072 | $6,851 |
| 7. Virginia | $221,873 | $60,674 | $7,298 |
| 8. Connecticut | $211,873 | $64,032 | $7,730 |
| 9. Colorado | $198,117 | $54,046 | $7,533 |
| 10. Nevada | $196,911 | $51,001 | $6,145 |
