Demand for single-family homes surged in the past two years, as the coronavirus pandemic prompted people to look for more living space. The increased demand, facilitated by low interest rates and coupled with supply constraints, led to soaring home prices. (These are 15 cities with the most overpriced housing markets.)

But now the U.S. housing market appears to be coming back to earth, with some parts of the country showing early distress signs. Foreclosure filings -- a measure of the health of housing markets at local, state, or national levels -- are on the rise across the country.

According to Attom, a curator of land and property data, home foreclosure filings - which include default notices, bank repossessions, and scheduled auctions - are up 153% in the first half of 2022 compared to the same period last year.

In Iowa, foreclosures rose by 114.0%, from 734 in the first six months of 2021 to 1,571 in the first half of 2022. The foreclosure rate in the state of one in every 899 homes ranks as the 15th highest in the nation.

According to five-year estimates from the U.S. Census Bureau's 2020 American Community Survey, 60.4% of homeowners in Iowa are paying down a mortgage, the 22nd smallest share among states.

The typical household in the state has an income of $61,836 a year, and the typical home is worth $153,900. For context, the typical American household's annual income is $64,994, and the national median home value is $229,800.

 

RankStateForeclosure rate (foreclosures per housing unit)Homes in foreclosure, 1st half 2022Homes with a mortgage (%)Median home value ($)
1Illinois1:38514,08662.8202,100
2New Jersey1:4109,17766.0343,500
3Ohio1:47511,02862.4151,400
4Delaware1:49790364.7258,300
5South Carolina1:5134,56857.7170,100
6Florida1:56017,62456.7232,000
7Nevada1:5672,25967.5290,200
8Indiana1:6064,82265.2148,900
9Georgia1:7705,73164.5190,200
10Michigan1:7735,91359.6162,600
11Connecticut1:7731,97967.4279,700
12Oklahoma1:8242,12054.5142,400
13Maryland1:8632,93472.5325,400
14California1:88116,34069.5538,500
15Iowa1:8991,57160.4153,900
16Alabama1:9252,47555.7149,600
17North Carolina1:9584,91762.5182,100
18Arizona1:9613,20763.3242,000
19Texas1:1,00511,52756.8187,200
20Pennsylvania1:1,0385,53159.9187,500
21Maine1:1,05070460.7198,000
22Colorado1:1,0732,32270.8369,900
23Missouri1:1,0732,59661.2163,600
24New York1:1,1067,67359.9325,000
25Louisiana1:1,1071,87352.0168,100
26Utah1:1,1271,02270.1305,400
27Minnesota1:1,1692,12666.0235,700
28Virginia1:1,2122,98568.2282,800
29New Mexico1:1,22576853.4175,700
30Wyoming1:1,39419558.1228,000
31Mississippi1:1,39794550.0125,500
32Hawaii1:1,43139264.4636,400
33Nebraska1:1,44358559.4164,000
34Wisconsin1:1,5031,81563.3189,200
35Tennessee1:1,5281,98459.0177,600
36Massachusetts1:1,5351,95468.5398,800
37Rhode Island1:1,56031067.9276,600
38New Hampshire1:1,59340165.0272,300
39Arkansas1:1,71579654.2133,600
40Alaska1:1,98516061.9275,600
41Washington1:2,4001,33468.2366,800
42Kentucky1:2,43282057.2147,100
43Idaho1:2,47330464.1235,600
44Montana1:2,65419456.0244,900
45Oregon1:2,78265266.1336,700
46Kansas1:2,81045458.6157,600
47West Virginia1:3,62623646.7123,200
48North Dakota1:4,4668353.2199,900
49Vermont1:7,5984462.4230,900
50South Dakota1:9,0684355.0174,600