SANTA ANA, CA—As 2017 ends and we look forward to 2018, there is reason to be optimistic about defect, fraud and misrepresentation risk in the home-loan sector, according to First American Financial Corp.'s chief economist Mark Fleming. A report from the firm reveals the five states with the greatest home-loan-application defect risk, as well as those with the lowest risk.
Those states with the greatest level of defect risk are Arkansas, Idaho, North Dakota, Florida and Montana. The five states with the greatest year-over-year increase in defect frequency are South Dakota (+50.8%), North Dakota (+42.3%), New Mexico (+39.7%), Idaho (+36%) and Iowa (+35%).
Meanwhile, the five states with the lowest level of defect risk are New Hampshire, Connecticut, Massachusetts, Pennsylvania and Maine. Connecticut was the only state with a year-over-year decrease in defect frequency, at -1.5%.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
