Page 11 – Safeguard Properties

FEMA Emergency Management Declaration – New Mexico Severe Storms, Flooding, and Landslides

Posted on July 11, 2025 by Safeguard

FEMA Alert
July 10, 2025

FEMA has issued an Emergency Management Declaration for the state of New Mexico to supplement state, tribal and local recovery efforts in areas affected by severe storms, flooding, and landslides beginning on June 23, 2025 and continuing. The following counties have been approved for assistance:

Public Assistance:

Chaves
Lincoln
Otero
Valencia

New Mexico Severe Storms, Flooding, and Landslides (EM-3628-NM)

Map of Affected Areas

President Donald J. Trump Approves Emergency Declaration for New Mexico

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Fire Management Assistance Declaration – Alaska Nenana Ridge Complex Fire

Posted on July 9, 2025 by Safeguard

FEMA Alert
July 6, 2025

FEMA has issued a Fire Management Assistance Declaration for the state of Alaska to supplement state, tribal and local recovery efforts in areas affected by the Nenana Ridge Complex Fire on June 21, 2025. The following counties have been approved for assistance:

Public Assistance:

Fairbanks North Star
Yukon-Koyukuk (Census Area)

Alaska Nenana Ridge Complex Fire (FM-5597-AK)

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – Texas Severe Storms, Straight-line Winds, and Flooding

Posted on July 7, 2025August 26, 2025 by Safeguard

FEMA Alert
July 6, 2025

***LAST UPDATE: 8/26/25***

FEMA has issued a Major Disaster Declaration for the state of Texas to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, and flooding from July 2-18, 2025. The following counties have been approved for assistance:

Individual Assistance:

Burnet
Guadalupe
Kerr
Kimble
McColloch
Menard
San Saba
Tom Green
Travis
Williamson

Public Assistance:

Burnet
Coke
Concho
Edwards
Hamilton
Kendall
Kerr
Kimble
Lampasas
Llano
Mason
McCollough
Menard
Real
Reeves
San Saba
Schleicher
Sutton
Tom Green
Travis
Uvalde
Williamson

Texas Severe Storms, Straight-line Winds, and Flooding (DR-4879-TX)

Map of Affected Areas

President Donald J. Trump Approves Major Disaster Declaration for Texas

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

Foreclosure Prevention, Refinance, and FPM Report – 1Q2025

Posted on June 30, 2025 by Safeguard

Industry Update
June 26, 2025

Source: Federal Housing Finance Agency

1Q25 Highlights — Foreclosure Prevention

The Enterprises’ Foreclosure Prevention Actions:

The Enterprises completed 60,592 foreclosure prevention actions in the first quarter of 2025, bringing the total to 7,159,054 since the start of conservatorships in September 2008. Of these actions, 6,453,280 have helped troubled homeowners stay in their homes, including 2,764,830 permanent loan modifications.

Initiated forbearance plans dropped to 31,010 in the first quarter of 2025 from 46,902 in the fourth quarter of 2024. The total number of loans in forbearance at the end of the quarter was 40,939, representing approximately 0.13 percent of the total loans serviced and 8.0 percent of the total delinquent loans.

Thirty three percent of modifications in the first quarter of 2025 were modifications with principal forbearance. Modifications that include extend-term only, accounted for 66 percent of all loan modifications during the quarter.

There were 194 completed short sales and deeds-in-lieu during the quarter, bringing the total to 705,774 since the conservatorships began in September 2008.

The Enterprises’ Mortgage Performance:

The 60+ days delinquency rate decreased from 0.83 percent at the end of the fourth quarter of 2024 to 0.77 percent at the end of the first quarter of 2025.

The Enterprises’ serious (90 days or more) delinquency rate remained at 0.57 percent at the end of the first quarter of 2025. This compared with 3.98 percent for Federal Housing Administration (FHA) loans, 2.51 percent for Veterans Affairs (VA) loans, and 1.63 percent for all loans (industry average).

The Enterprises’ Foreclosures:

Foreclosure starts increased 4.9 percent to 21,972 while third-party and foreclosure sales increased 6.3 percent to 3,081 in the first quarter of 2025.

For full report, please click the source link above.

Chicago Department of Housing and Cook County Land Bank Authority Partner to Revitalize Englewood and Roseland

Posted on June 26, 2025 by Safeguard

One Community Update
June 16, 2025

Source: www.citizennewsgroup.com

The Chicago Department of Housing (DOH) has partnered with the Cook County Land Bank Authority (CCLBA) to launch the next phase of the Rebuild 2.0 program, targeting the rehabilitation of single-family homes in Englewood and Roseland.

Thirty-three properties will be transferred and renovated as a part of an aggregation strategy to drive revitalization in these neighborhoods. Once completed, this approach will allow Rebuild 2.0 to make a more concentrated impact in these communities.

Rebuild 2.0 is a program aimed at preserving existing housing sites by identifying abandoned buildings in proximity to one another in historically disinvested neighborhoods and acquiring, rehabilitating, and selling the buildings for homeownership.

The properties will transfer from CCLBA to Community Development Financial Institutions (CDFIs), two of which—Chicago Community Loan Fund and Greenwood Archer Capital—serve as program administrators. These two, along with another CDFI— the C-3 Impact Fund—will identify and provide construction financing to developers, prioritizing BIPOC-led businesses.

“DOH is committed to expanding opportunities for quality housing in all 77 communities, and that includes homeownership,” DOH Commissioner Lissette Castañeda said. “Rebuild 2.0’s block-by-block approach to revitalizing neighborhoods will create wealth building opportunities for Chicagoans and fuel economic development for local businesses.”

Rebuild 2.0 covers the acquisition costs that typically are paid by developers, incentivizing and making rehabilitation projects more financially viable. Once renovations are completed, the homes will be sold to owner-occupants.

“The Cook County Land Bank Authority is thrilled to provide 33 vacant homes to the City of Chicago for the Rebuild 2.0 initiative,” said Jessica Caffrey, Executive Director of the Cook County Land Bank Authority. “This program will increase opportunities for homeownership, reduce blight and uplift small developers — all of which are key to our mission.”

The program’s approach to property acquisition and rehabilitation is further supported by partnership with Lowe’s, which will provide professional landscaping services.

Additionally, the City departments of Buildings, Finance, and Law will provide support in the form of faster permitting, the elimination of City debt on vacant properties, and the forfeiture process.

A $20 million grant provided by the Illinois Housing Development Authority (IHDA) has supported the expansion of the Rebuild 2.0 program and allows the program to provide developers with grants for acquisition and right-sizing the final sales price to new homeowners.

For full report, please click the source link above.

Arceneaux Announces New ‘Block by Block’ Initiative to Combat Blight

Posted on June 26, 2025 by Safeguard

One Community Update
June 17, 2025

Source: www.bizmagsb.com

The ongoing fight against blight in Shreveport continues with a new “Block by Block” initiative announced by Mayor Tom Arceneaux during a news conference.

The new initiative is neighborhood-based and the city’s next step in fixing the blight issue. It will target resources in high-need areas “one block at a time.”

Neighborhoods throughout Shreveport have a specific improvement plan that includes a tracking system of violations, abatements, legal actions, demolitions and redevelopment status.

A schedule was announced for each neighborhood with June 21 for Ingleside, June 28 for Highland, July 12 for Queensborough, July 26 for MLK, Aug. 2 for Cedar Grove, Aug. 9 for Allendale, Aug. 16 for Pines Road, Aug. 23 for Stoner Hill, Sept. 6 for Southern Hills, Sept. 13 for Mooretown and Sept. 20 for Broadmoor.

“This isn’t just a short-term fix; it’s a fundamental change in how Shreveport addresses neglected and vacant properties,” said Mayor Tom Arceneaux. “The work our team has done with Bloomberg Harvard has been extraordinary, and this initiative reflects the best of what’s possible when we align our people, our data and our purpose.”

The Bloomberg Harvard City Leadership Initiative is a global program that only a few cities were given the opportunity to participate which included Shreveport.

This new initiative comes just months after the city and the Shreveport Police Department joined together for a squatters’ initiative and a newly passed ordinance redefining the terms “blighted property” and “abandoned property” that passed last week.

Shreveport’s Highland neighborhood is heavily affected by blight and a frequently visited hot topic during city council meetings. City councilman John-Paul Young and many citizens spoke to the council back in March demanding ordinance enforcement and change in the area.

Since then, several blight-related ordinances have been passed along with initiatives to address the concerns of residents.

For full report, please click the source link above.

Fighting the Blight with Affordable Housing

Posted on June 26, 2025 by Safeguard

One Community Update
June 17, 2025

Source: www.wapt.com

Debora Tarvin of Jackson has to look at a blighted property across the street from her home every day, and it bothers her.

“I just wish they do something about this house across the street because I’m tired of looking at it. That yellow house has caused us more problems than anything,” said Tarvin.

She is not the only person who deals with this.

According to the Mississippi Center for Justice, blight is a problem that residents deal with across the Mississippi. Now, the organization is partnering with several cities, including Jackson, to tackle the issue with funding.

“This was a grant from the Mississippi Bar Foundation through the Bank of America, so we have seen that there are over 1,500 abandoned properties across the state,” said Ashley Richardson with the Mississippi Center for Justice.

MCJ says blight is not only an eyesore, it also endangers communities and lowers property value.

“The house across the street, a squatter had moved in, he refused to move out, and he came back and set it on fire,” said Tarvin.

MCJ and the city of Jackson say they hope to take the blighted property and turn it into something useful, like affordable housing, a garden or a community center.

On Tuesday, they took the time to inform community leaders and nonprofits about their plan.

Reginald Jefferson, deputy director of housing and community development of Jackson, was at the meeting and said he is excited about this new partnership. He says it gives them more dollars to fight the blight.

“The money that we get from HUD, while it’s good money, it only goes so far, so it really helps if we can partner with other organizations that also have funding available so we can make our dollars stretch further and so we can perform a greater good,” said Jefferson.

For full report, please click the source link above.

Pittsburgh-area Land Banks are Taking a Bite Out of Blight, but Face an Uncertain Funding Future

Posted on June 26, 2025 by Safeguard

One Community Update
June 18, 2025

Source: www.wesa.fm

A more than 100-year-old Craftsman in Clairton is in the middle of its Cinderella story. The house on a corner lot on Walnut Avenue has all new wiring, heating, air conditioning, a new kitchen, 30 new windows, the termite-chewed floor is coming out and new laminate is going in, among other upgrades.

“This is a stable neighborhood,” said Greg Chiprich, a local developer who bought the property from the Tri-COG Land Bank and is fixing it up. “People take care of their properties. This stood as kind of an eyesore and in the coming weeks and months, it will not be that anymore. There’ll be a family living here.”

It was a family home for many years before becoming a rental until the owner passed away and the next generation let it go. That’s a common tale in towns like Clairton and throughout the Pittsburgh region — vacant and abandoned homes sprinkled on well-manicured streets or, in other pockets, rows and rows of homes without anyone home and weighed by unresolved liens and ownership claims keeping them from the market.

In the wake of the national foreclosure crisis, Pennsylvania’s legislature passed a law in 2012 allowing for the creation of land banks. Since then, the Tri-COG Land Bank, which covers 26 municipalities and the Pittsburgh Land Bank have been up-and-running in Allegheny County. They’ve both sold properties and evolved over time — now with an eye toward developing more affordable housing and partnering with other community organizations.

But while Tri-COG has had local buy-in and steady growth, the city of Pittsburgh’s Land Bank lacks long-term funding and first bid at sheriff’s sale. Finding consistent funding and building on an established model for local land banks could clear a future for housing in Allegheny County.

“For the city itself, you can take eight, nine, 10 houses at $1,500 to maybe $2,000 a year in taxes — it’s a huge chunk,” said Tony Kurta, deputy mayor of Clairton and board member of the Tri-COG Land Bank. “That’s a police officer. And so the more we build it up and the more we get it rolling, then it helps us tremendously.”

The missing teeth

Overgrown empty lots, houses with sinking porches and punched-out windows, sit vacant, like missing teeth in a neighborhood. Getting a grasp on the precise number and location is tricky. In Pennsylvania, there’s about 215,000 vacant parcels of land, according to the most recent U.S. Census estimates. In the city of Pittsburgh, there’s between 5,000 and 20,000 properties that are currently tax delinquent, said Sally Stadelman, manager of the Pittsburgh Land Bank. This includes 5,000 that are in the inventory of the city’s taxing body and another 15,000 to 20,000 that are privately owned.

Letting these properties sit there is expensive. Municipalities spend millions on code enforcement and other public services while losing out on tax revenue from the property. Allegheny County’s blighted properties cost municipalities around $19.3 million per year in expenditures and lost tax revenue, according to an analysis commissioned by Tri-COG Land Bank. And homeowners living near a vacant lot in Allegheny County lose an average $5,145 in property value.

“Taxpayer dollars are going to board up vacant properties, taxpayer dollars are going to clean up illegal dumping, taxpayer dollars are going to pay for a fire, police, EMS to go there to respond,” said Kim Graziani, senior advisor at the Center for Community Progress. “Any kind of public safety issue, whether that squatters, whether that’s some type of crime that is happening there. The public cost is a huge thing.”

Vacant properties are often stuck. Public liens or delinquent taxes far exceed the fair market value of the property, the cost of demolition or rehab. And they’re often in a legal limbo in which the title to the property isn’t clear due to liens or taxes or an issue with a previous heir to the property.

One of the biggest challenges is actually finding the owners, particularly when they don’t live in the state. “Between deceased owners and LLCs, it’s very difficult and expensive to often track owners when they don’t live in Pennsylvania,” Branton said. “Holding them accountable is very difficult. It requires an extradition to Pennsylvania in order to hold them accountable. And that’s not a priority for the criminal justice system in Pennsylvania.”

This is where the land banks come in. The key power that most land banks are created for is the ability to acquire tax sale properties for low cost without having to bid against other bidders at a public auction, according to Branton. In Allegheny County, the Tri-COG Land Bank has this ability among its member municipalities, but the Pittsburgh Land Bank has not yet reached an agreement with the city’s taxing bodies to skip the line at the sheriff’s sale.

Land banks also accept donations of properties, buy properties, or take properties and municipal transfers from the municipalities. They clear the titles and liens with the taxing bodies through an expedited “quiet title” process and hold those properties tax exempt until they’re ripe for re-development. They don’t have to sell to the highest bidder.

“Land banks have great flexibility in who they sell to, for what purpose and for what cost,” Graziani said. “A lot of times they’re able to transfer properties for very little to no cost to non-profits if they are mission-oriented, going to develop affordable housing or do community gardening, you name it. So, there’s a lot of flexibility, much more flexibility than local government.”

Local evolution

“The thing that often separates a house that can be saved and one that has to be demolished is water,” said An Lewis, executive director of Tri-COG Land Bank.

A gaping, soggy hole in a roof marks a house for costly demolition. Demoing a home costs a municipality about $20,000. The vacant lot that remains is a tough sell in many small municipalities or disinvested neighborhoods where property value is low.

Since the Tri-COG Land Bank began in 2018, they’ve sold 89 properties. They own another 86 and 36 more are working their way through the legal process. About 80% of their real estate is either being sold to a nonprofit, a developer committed to selling to an owner-occupant or to an owner-occupant directly. They work directly with member municipalities, such as Clairton, who refer potential properties to the land bank and pay dues that make up about 20% of the land bank’s budget.

The goal is to put properties back on the tax rolls and spur homeownership without overcooking the local market. “Optimally, in any given real estate market, there’s a variety of housing choices,” Lewis said. “There’s rental, there’s owner-occupancy, and there’s a variety of price points so that it keeps communities diversified, healthy and stable. It staves off gentrification, which can lead to residents getting priced out of their neighborhood, but it also makes sure that neighborhoods that have been in a state of decline have an opportunity to come up at a good and healthy rate.”

Partnerships have paved the way for this work. Some of the properties are transferred to local nonprofits who renovate and reserve them for affordable housing. Other partners are property investors, or flippers, from the nearby community, like Chiprich. The Tri-COG Land Bank is able to file an enforcement mortgage on the properties to hold them accountable. If they do the renovations correctly and are ready to sell to a homeowner, then the land bank releases the enforcement mortgage. They have some move-in ready properties in their “Reno-Lite” program that are safe but “maybe the toilet’s pink” in order to keep their inventory “naturally affordable,” Lewis said.

But no two land banks are alike, even if they share borders. The Pittsburgh Land Bank, which operates within the city limits, was created in 2014, but didn’t make its first sale until 2023. To become operational, the land bank needed funding — $3.5 million from the federal American Rescue Plan — and a consensus among city officials that the land bank should acquire property already owned by the City of Pittsburgh and turn it into affordable housing projects or other community-led projects.

“It’s up to each individual neighborhood to determine what is right for their community,” Stadelman said.

Since the fall of 2023, the Pittsburgh Land Bank has completed 34 sales and they’re working with buyers to close on more than 30 additional properties. About three-quarters of these properties are vacant lots, according to Stadelman. Many of those empty lots are becoming affordable housing, including a project in Beltzhoover and another on Charles Street on the North Side. Others, like the community garden in the Mexican War Streets that has been there since the 1970s, will be owned by the Allegheny Land Trust and permanently protected as garden space.

Creating a model for an uncertain future

Recently, Pittsburgh Land Bank has been following Tri-COG’s lead with a pilot residential rehab program. It’s geared towards people who would like to live in the property and bring their own funding and contractors. The first sales are pending.

“What we see on the market is that so many properties can be difficult to purchase,” Stadelman said. “It’s easier for someone to come in with cash and quickly scoop that property up. And so, we’re here as a patient seller for owner-occupants interested in completing that kind of work. And it’s one more way that helps us make sure that we’re keeping that vacant and abandoned property moving along in the system because without intervention, we the taxpayers are on the hook for these properties, regardless.”

It’s all about creating a model of a land bank that fits Pittsburgh, Stadelman says. “We want to showcase what we’re able to do. Volume is definitely the mid- to long-term goal. But right now, it’s just important to show what the tools are capable of doing and how we can build them slowly and build them correctly to work to serve communities.”

They’re “closer than they’ve ever been” in reaching a deal with the city’s taxing bodies, so they can get a priority bid at sheriff’s sale, according to Stadelman. But the Pittsburgh Land Bank still lacks dedicated, consistent funding. The federal funds are set to run out in 2026. And without a new source of revenue, its future is tenuous. Earlier this month, Pittsburgh City Council voted to start a task force to look into funding solutions.

Direct property sales aren’t enough to sustain up-and-coming land banks, Graziani said.

“How could a land bank be self-sustaining when they are focusing on taking properties that the private market and society, in general, has turned their back on? They are underwater, they are complicated. They need subsidies to acquire and to redevelop, and funding to work.”

Across the Pennsylvania-Ohio border in Cleveland, the Cuyahoga Land Bank is a national model of abundance. Since its inception in 2009, it’s cleared and sold 10,000 abandoned properties. A large, reliable chunk of their budget comes from a share of the penalties and interest from delinquent property tax settlements. This comes from an Ohio state law that Pennsylvania doesn’t have. And last year, the Cuyahoga Land Bank received $111 million from the state to remediate brownfields.

This fall, the Pennsylvania Department of Community and Economic Development is scheduled to release the first draft of a “comprehensive Housing Action Plan” for the state. What’s in the plan is unclear, but land bank advocates hope it comes with some kind of support specifically for land banks.

Back in Clairton, Tri-COG Land Bank is working on converting two abandoned houses into affordable housing. Fixing them up is estimated to cost about $200,000 each and then they’ll likely be sold for around $75,000, according to Lewis. Funds from the Pennsylvania Housing and Financing Agency and Allegheny County are footing the bills. They already have new roofs.

The houses on this block have short, crisp green lawns, flower beds, and come with a view of the Monongahela River. Kurta doesn’t live far and has family down the street. He grew up in Clairton and “loves it here.” Helping keep single-family homes in Clairton out of the hands of corporate investors, helps strengthen the community, Kurta said. “The land bank gives us the option of working with somebody like Greg, who gets it back to a homeowner, which has been super for us. We’d rather go that way than let these corporations come in. You have no contact with them. They don’t maintain them. They don’t care who’s in them. This way, we have a little bit of control of who’s living in our neighborhoods and it works out.”

For full report, please click the source link above.

YNDC Breaks Ground on 2 New Mahoning County Housing Development Sites

Posted on June 26, 2025 by Safeguard

One Community Update
June 20, 2025

Source: www.mahoningmatters.com

The Youngstown Neighborhood Development Corporation broke ground on two new development sites offering building affordable housing options for the Mahoning County community.

YNDC broke ground at the site of a three-bedroom house set to be built at 412 Whipple Ave. in Campbell on June 11 with help from city representatives.

Located on a currently vacant lot in Campbell acquired by the Mahoning County Land Bank, the new home will be built by Joe Koch Construction.

The single-family home will be around 1,400-square-feet with two bathrooms and an open-concept living, kitchen and dining area.

The development plans include a first-floor laundry room, front porch and two-car detached garage.

Next, YNDC’s broke ground on another single-family home development site at 324 S. 15th St. in the village of Sebring, located in Mahoning County.

The Sebring groundbreaking with project partners happened on June 19.

The new house will be approximately 1,500 square feet with three bedrooms, two and a half bathrooms and a first floor laundry room.

As Jon Howell commented on Facebook, “The march to increase the [Mahoning] Valley’s housing stock continues.”

Both development projects are funded by a grant awarded to the Mahoning County Land Bank from the Ohio Department of Development’s Welcome Home Ohio program. Once the homes are constructed, they’ll be listed for sale and down-payment assistant is available for select buyers through a partnership with Huntington Bank.

For full report, please click the source link above.

Percent of Properties Seriously Underwater by State for First Quarter 2025

Posted on June 25, 2025 by Safeguard

Industry Update
June 20, 2025

Source: ATTOM

ATTOM’s latest data on the proportion of seriously underwater mortgages for the first quarter 2025 show that the percentage of seriously underwater homes nationwide remained relatively steady nationally and increased from 2.5% in the fourth quarter of 2024 to 2.8% in the first quarter of 2025. Although a 0.4% increase, the finding compares favorably to the 6.6% rate that was reported in the first quarter of 2020.

This article reports on the latest trends in the percentage of properties seriously underwater by state. The term “seriously underwater” refers to properties where the loan balance exceeds the market value by at least 25%.

Seriously Underwater Mortgages by State

Louisiana

Louisiana remains the state with the highest percentage of seriously underwater mortgages, though the% improved from 11.3% to 10.5% from Q1 2024 and Q1 2025. In Louisiana, 1 in every 10 mortgages are seriously underwater. The counties with the highest percent of mortgages seriously underwater are Vernon, Saint Martin, Iberville, and Webster.

Kentucky

Kentucky saw its seriously underwater mortgage rate fall from 8.3% to 7.3% from Q1 2024 to Q1 2025. However, the state has the second-highest level of seriously underwater mortgages in the country. One in every 14 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Adair, Greenup, Carter, and Marion.

Mississippi

Mississippi improved its seriously underwater mortgage rate fall from 7.1% to 6.6%, indicating some recovery in housing equity. However, the state has the third-highest percentage of seriously underwater mortgages. One in every 15 mortgages are seriously underwater in Mississippi. The counties with the highest percent of mortgages seriously underwater are Washington, Lincoln, Pike, and Hinds.

Arkansas

Arkansas experienced a minor increase from 5.7% to 5.8% in its% of seriously underwater mortgages, placing it in fourth on the list for seriously underwater mortgage rates. One in every 17 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Columbia (with a significantly higher percentage compared to other counties), Ouachita, Sharp, and Greene.

Iowa

Iowa’s rate of seriously underwater mortgages rose slightly from 5.4% to 5.7% from Q1 2024 and Q1 2025, reflecting mild deterioration in mortgage equity. One in every 18 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Appanoose, Tama, Wapello, and Lee.

Oklahoma

Oklahoma’s has the sixth highest rate for seriously underwater mortgages although the rate improved significantly, dropping from 6.1% to 5.5% from Q1 2024 and Q1 2025. One in every 18 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Okmulgee, Mccurtain, Woodward, and Pontotock.

Illinois

Illinois saw its rate for seriously underwater mortgages decline from 5.2% to 4.8%, a positive shift reflecting ongoing recovery in home equity. One in every 21 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in Illinois are Mason, Bond, Mcdonough, and Montgomery.

North Dakota

North Dakota’s rate for seriously underwater mortgages dropped from 5.1% to 4.8%. This improvement indicates recovery in housing equity. One in every 21 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in North Dakota are Ward, Williams, Richland, and Stark.

Kansas

Kansas is ninth on the list of states with seriously underwater mortgages and saw a major increase in its rate from 2.9% to 4.7%. This was a 1.8-point jump, and the sharpest rise in the country. One in every 21 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Leavenworth, Johnson, Wyandotte, and Butler.

Missouri

Missouri experienced a small increase in the rate of seriously underwater mortgages from 4.5% to 4.7%. One in every 21 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Randolph, Dunklin, Crawford, and Butler.

West Virginia

West Virginia made strong gains, reducing its rate of seriously underwater mortgages from 5.4% to 4.2%. The 1.2-point year-on year drop reflects the second-largest improvement nationally, suggesting home prices may be rising or foreclosures are slowing. One in every 24 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Marshall, Wayne, Mercer, and Marion.

Ohio

Ohio’s seriously underwater mortgage rate declined from 4.3% to 4.1%, continuing a slow trend of improvement. One in every 24 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in Ohio are Belmont, Pike, Lawrence, and Coshocton.

Nebraska

Nebraska’s rate for seriously underwater mortgages increased from 3.7% to 4.1% year on year. One in every 24 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in Nebraska are Scotts Bluff, Buffalo, Lincoln, and Madison.

Pennsylvania

Pennsylvania’s rate for seriously underwater mortgages held steady at 3.9% from Q1 2024 to Q1 2025. The lack of movement reflects a stable but stagnant market where equity recovery remains elusive for many. One in every 26 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater are Jefferson, Juniata, Huntington, and Clearfield.

South Carolina

South Carolina’s rate for seriously underwater mortgages jumped from 3.3% to 3.8% — a 0.5-point increase. This suggests growing pressure on homeowners, possibly due to rising insurance and tax burdens in coastal or high-growth regions. One in every 27 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Fairfield (by far), Darlington, Laurens, and Jasper.

Alabama

Alabama experienced a slight improvement in its rate for seriously underwater mortgages, which dipped from 3.6% to 3.4%. Although modest, it aligns with the national average and could reflect a slow but steady recovery. One in every 29 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Covington, Mobile, Geneva, and Pike.

South Dakota

South Dakota’s seriously underwater mortgage rate rose from 3.0% to 3.4% from Q1 2024 to Q1 2025, pushing it slightly above the national average. One in every 30 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Union, Yankton, Minnehaha, and Meade.

Wisconsin

Wisconsin’s underwater mortgage rate remained unchanged at 3.4% from Q1 2024 to Q1 2025. One in every 29 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in Wisconsin are Buffalo, Rusk, Trempealeau, and Monroe.

Georgia

Georgia’s seriously underwater mortgage rate increased to 3.1% from 2.8% from Q1 2024 to Q1 2025. One in every 33 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater in Georgia are Toombs, Coffee, Upson, and Wayne.

Tennessee

Tennessee’s seriously underwater mortgage rate rose from 2.8% to 3.1% from Q1 2024 to Q1 2025. One in every 32 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater in Tennessee are Hardeman, Lauderdale, Benton, and Shelby.

Indiana

Indiana’s rate for seriously underwater mortgages decreased slightly from 3.1% to 3.0%. This small change suggests relatively stable mortgage equity conditions. One in every 33 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Miami, Washington, Wayne, and Vanderburgh.

Maryland

Maryland’s seriously underwater mortgage rate increased modestly from 2.6% to 2.9%. One in every 34 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Dorchester, Baltimore City, Somerset, and Allegany.

Michigan

Michigan’s seriously underwater mortgage rate remained steady at 2.9% from Q1 2024 to Q1 2025, indicating a consistent but challenging environment for homeowners with underwater loans. One in every 34 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater are Gogebic, Genesee, Wayne, and Oceana.

New Mexico

New Mexico’s rate rose slightly from 2.6% to 2.8% from Q1 2024 and Q1 2025, reflecting mild pressure on homeowner equity. One in every 35 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Roosevelt, Eddy, Lea, and Rio Arriba.

Minnesota

Minnesota’s seriously underwater mortgage rate grew marginally from 2.6% to 2.7% from Q1 2024 and Q1 2025. One in every 37 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in Minnesota are Wadena, Pennington, Todd, and Becker.

Utah

Utah saw an increase from 2.1% to 2.6% in its seriously underwater mortgage rate, a 0.5-point rise signaling some increased stress on mortgage equity in the state. One in every 39 mortgages are seriously underwater in Utah. The counties with the highest percent of mortgages seriously underwater are Iron, Washington, Sevier, and Wasatch.

Idaho

Idaho’s seriously underwater mortgage rate edged up from 2.4% to 2.5% from Q1 2024 and Q1 2025, indicating minor fluctuations in underwater mortgage levels. One in every 40 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Shoshone (by far), Jerome, Franklin, and Cassia.

North Carolina

North Carolina’s seriously underwater mortgage rate increased slightly from 2.3% to 2.5% from Q1 2024 to Q1 2025. One in every 40 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater in North Carolina are Vance, Duplin, Halifax, and Edgecombe.

Wyoming

Wyoming’s seriously underwater mortgage rate saw a sharp decline from 8.8% to 2.5%, a 6.3-point improvement that suggests a significant recovery in homeowner equity. One in every 40 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater are Carbon, Converse, Uinta, and Fremont.

Maine

Maines rate of seriously underwater mortgages in Q1 2025 was 2.1%. This rate was unchanged from Q1 2024, indicating a stable market. One in every 48 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater in Maine are Washington, Aroostook, Piscataquis, and Somerset.

Delaware

Delaware’s seriously underwater mortgage rate decreased from 2.7% to 2.4% from Q1 2024 to Q1 2025, a sign of improving housing market conditions. One in every 41 mortgages are underwater in this state. Sussex county has the highest percentage of seriously underwater mortgages in Delaware.

Colorado

Colorado’s seriously underwater mortgage rate increased from 2.0% to 2.3%, indicating a slight uptick in underwater mortgage prevalence. One in every 44 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Otero (by a significant percentage), Las Animas, Logan, and Moffat.

Texas

Texas held its rate steady at 2.3% year on year regarding seriously underwater mortgages, suggesting relatively stable housing market conditions with consistent seriously underwater mortgage levels. One in every 43 mortgages are seriously underwater in Texas. The counties with the highest percent of mortgages seriously underwater are Gray, Polk, Hockley, and Cass.

Washington

Washington’s seriously underwater mortgage rate rose from 1.6% to 1.9% from Q1 2024 to Q1 2025, reflecting some localized market stress. One in every 52 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Pacific, Chelan, Stevens, and Klickitat.

Montana

Montana’s seriously underwater mortgage rate remained unchanged at 1.9% from Q1 2024 to Q1 2025, showing stable conditions in homeowner equity. One in every 53 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater are Lewis and Clark, Yellowstone, Silver Bow, and Cascade.

Oregon

Oregon’s seriously underwater mortgage rate inched up from 1.7% to 1.8% from Q1 2024 to Q1 2025. One in every 56 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater in Oregon are Wasco, Malheur, Union, and Clatsop.

Arizona

Arizona’s rate rose slightly from 1.6% to 1.8% from Q1 2024 and Q1 2025. One in every 55 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater in Arizona are Graham, Santa Cruz, and Gila.

New York

New York saw a decrease from 2.3% to 1.8% in its seriously underwater mortgage rate from Q1 2024 and Q1 2025, a positive sign that some areas are recovering equity. One in every 54 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater are Chenango, Cattaraugus, Saint Lawrence, and Herkimer.

New Jersey

New Jersey’s seriously underwater mortgage rate fell slightly from 1.9% to 1.7% from Q1 2024 and Q1 2025. One in every 59 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Salem, Cumberland, Mercer, and Atlantic.

Connecticut

Connecticut’s seriously underwater mortgage rate decreased from 1.7% to 1.6%, showing slight progress from Q1 2024 and Q1 2025. One in every 64 mortgages are seriously underwater in this Connecticut. The counties with the highest percent of mortgages seriously underwater are New London, Litchfield, New Haven, and Fairfield.

Florida

Florida’s seriously underwater mortgage rate increased from 1.3% to 1.6%. One in every 61 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in Florida are Charlotte, Gadsden, Jackson, and Putnam.

Nevada

Nevada saw a rise in its seriously underwater mortgage rate of from 1.4% to 1.6% from Q1 2024 and Q1 2025. One in every 61 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater in Nevada are Churchill, Nye, Lyon, and Elko.

California

California’s seriously underwater mortgage rate inched up from 1.2% to 1.3% from Q1 2024 and Q1 2025, remaining among the states with lower seriously underwater mortgage rates. One in every 75 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Mariposa, Trinity, Siskiyou, and Plumas.

Hawaii

Hawaii saw a decrease in its seriously underwater mortgage rate from 1.6% to 1.3% from Q1 2024 and Q1 2025, reflecting improving equity in its housing market. One in every 75 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Honolulu, Hawaii, and Maui.

Massachusetts

Massachusetts experienced a small decrease from 1.3% to 1.2% in its seriously underwater mortgage rate from Q1 2024 and Q1 2025, indicating stable but improving conditions. One in every 82 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Berkshire, Suffolk, Hampden, and Hampshire.

New Hampshire

New Hampshire’s seriously underwater mortgage rate held steady at 1.1% from Q1 2024 to Q1 2025 with consistent underwater mortgage levels. One in every 94 mortgages are seriously underwater New Hampshire. The counties with the highest percent of mortgages seriously underwater are Cheshire, Grafton, and Coos.

Rhode Island

Rhode Island saw a slight decrease in its seriously underwater mortgage rate from 1.1% to 1.0% from Q1 2024 and Q1 2025, indicating marginal improvement. One in every 104 mortgages are seriously underwater in this state. The counties with the highest percent of mortgages seriously underwater are Providence and Bristol.

Vermont

Vermont has the third lowest rate for seriously underwater mortgage rates. The rate dipped slightly from 0.8% to 0.7% from Q1 2024 to Q1 2025. One in every 142 mortgages are underwater in Vermont. The counties with the highest percent of mortgages seriously underwater are Washington and Chittenden.

Alaska

Alaska’s seriously underwater mortgage rate from Q1 2024 and Q1 2025 remained steady at 2.2% with no change year over year. Alaska has the second-lowest seriously underwater mortgage rate in the nation. One in every 46 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater are Matanuska-Susitna and Juneau.

Virginia

Virginia is the state with the lowest level of seriously underwater mortgages. The rate held steady at 2.0% from Q1 2024 and Q1 2025. One in every 51 mortgages are underwater in this state. The counties with the highest percent of mortgages seriously underwater are Pittsylvania, Halifax, Danville City, and Nelson.

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