In a ranking of states with the most residential real estate foreclosures in 2022, New Hampshire stands at 39th, with a foreclosure rate of 0.13 percent, better than the national average of 0.23 percent.
According to a year-end report from real estate data curator ATTOM, the state with the worst foreclosure rate was Illinois with a rate of 0.49 percent; the best was South Dakota, with a rate of 0.02 percent. Other New England states posted rates as follows: Vermont, 0.03 percent; Rhode Island, 0.14 percent; Massachusetts, 0.15 percent; Maine, 0.18 percent; and Connecticut, 0.26 percent.
In its November report, New Hampshire Housing said that foreclosures in the state were up in 2022 as of the third quarter, but “about four times less than in 2019.”
As interest rates remain high, the popularity of adjustable-rate mortgages will increase, says Rob Dapice, New Hampshire Housing’s executive director. (Photo by Allegra Boverman)
Its data shows steadily declining numbers in the Granite State since 2015, when the number of foreclosures reached almost 1,800. That number dropped to under 1,600 in 2016, to about 1,300 in 2017, to just over 800 in 2018, to about 700 in 2019.
Annual foreclosures in New Hampshire dropped to just above 200 in 2020, and just under 200 in 2021 as a result of forbearances.
“For homeowners who are struggling financially to pay their mortgage, property taxes or utilities, help continues to be available through the NH Homeowner Assistance Fund program. Information and applications are available at HomeHelpNH.org,” Rob Dapice, New Hampshire Housing’s executive director, said in the agency’s Housing Market Snapshot from November.
He noted that current higher mortgage interest rates have resulted in more adjustable-rate mortgages, which offer a lower rate for a fixed time period.
“This can present problems for borrowers unprepared for the increased payments that come later. ARMs (adjustable rate mortgages) currently account for about 10 percent of mortgages, and their appeal is likely to last while rates remain elevated,” Dapice said. — PAUL BRIAND
