IN OTHER NEWS – A new study finds that Georgia ranks in the top 10 states with the most real estate fraud losses.
Release:
A new study reveals which states have lost the most money to real estate mortgage scams.
The study by Florida personal injury lawyers Anidjar & Levine analyzed all 50 states based on the average amount of money lost to real estate fraud.
The real estate fraud loss data was obtained from the Internet Crime Complaint Center for the year 2023.
The top 10 states with the highest real estate fraud losses
Rank State Total loss to real estate fraud Number of real estate fraud victims Average loss per victim 1 Alabama $5,346,973 77 $69,441.21 2 North Dakota $402,505 6 $67,084.17 3 South Carolina $5,755,201 130 $44,270.78 4 Oregon $5,682,876 135 $42,095.38 5 New Mexico $1,998,926 55 $36,344.11 6 Arizona $9,472,364 318 $29,787.31 7 Washington $7,668,752 277 $27,685.03 8 Oklahoma $1,501,530 57 $26,342.63 9 New Jersey $5,226,872 233 $22,432.93 10 Georgia $4,024,568 231 $17,422.37
Alabama has the highest amount of money lost to real estate fraud.
Alabama had 77 victims, totaling $5,346,973 lost. This is an average of $69,441.21 lost per victim in 2023.
North Dakota has the second-highest amount lost. Despite just six victims, a total of $402,505 was lost to real estate fraud. The average amount lost per victim was $67,084.17 in 2023.
South Carolina is third, with a total of $5,755,201 lost and 130 victims. The average amount lost per victim was $44,270.78 in 2023.
Oregon ranks fourth, with $42,095.38 lost per victim. Oregon had 135 victims, and a total of $5,682,876 was lost to these scams in 2023.
In fifth place is New Mexico, with an average $36,344.11 lost per victim. Among all 55 victims, a total of $1,998,926 was lost in 2023.
Ranking sixth through to tenth are Arizona, Washington, Oklahoma, New Jersey, and Georgia.
The report also reveals which states are most afraid of mortgage scams and correlates each state with the amount lost to real estate fraud.
Using Google Keyword Planner, a seed list of search terms was established based on the most googled terms relating to real estate and mortgage fraud.
Using 38 search combinations related to real estate fraud, the volume for each term was analyzed across each US state, and compared against its population, establishing the monthly average searches per 100,000 people.
The top 10 states most afraid of mortgage scams
Rank State Searches per 100,000 people Average loss per victim (2023) Rank – average loss per victim 1 Vermont 11.58 $1,254.95 49 2 Delaware 11.31 $1,621.00 48 3 Alaska 10.79 $5,391.08 39 4 Wyoming 10.56 $2,563.84 46 5 Rhode Island 10.19 $12,665.85 22 6 New Hampshire 10.04 $1,220.67 50 7 Montana 9.49 $3,107.70 44 8 Maine 9.37 $14,698.19 14 9 North Dakota 8.40 $67,084.17 2 10 Hawaii 8.36 $5,405.75 38
Vermont is the state most concerned about mortgage scams. The state averages 11.58 searches per 100,000 residents. Vermont ranks second to last for its losses to real estate fraud, losing $1,254.95 per victim.
Delaware is the second state expressing concern for mortgage scams, with a total average of 11.31 searches per 100,000 residents. Delaware ranks third from the bottom, at 48th place for losses, with an average loss of $1,621 per victim.
Alaska is the third state most worried about mortgage scams, generating an average of 10.79 per 100,000 residents. Alaska also has one of the lowest real estate fraud losses, placing at 39, with a loss of $5,391.08 per victim.
The top mortgage scam-related searches across the US
Rank Keyword Average monthly search volume 1 Mortgage fraud 3,325 2 What is mortgage fraud 1,610 3 Fraud in real estate 1,215 4 Real estate scam 1,030 5 Mortgage scam 705 6 Types of mortgage fraud 641 7 Fake real estate buyers 524 8 Real estate fraud attorney 490 9 Report mortgage fraud 487 10 House scams 455
A spokesperson for Anidjar & Levine commented on the study’s findings,
“Mortgages are one of the largest financial commitments anyone can make. Falling victim to a real estate scam could result in personal information being stolen, financial losses and complicated future purchases.
“The data reveals the states that are most concerned about real estate scams had lower losses in 2023.
“While New Hampshire ranks sixth in concern about mortgage scams, it had the lowest number of real estate fraud losses in 2023, at an average of $1,220.67 per person.
“There are several ways you can identify a real estate scam. If a deal seems too good to be true, then it probably is. Keep a look out for unrealistically low prices.
“Also, be cautious of requests for payments via wire transfers, gift cards, or other untraceable methods. Generally, legitimate transactions will go through secure and traceable payment channels.
“Always check if the real estate agent is a legitimate company. The estate agent must be licensed and registered with the appropriate regulatory bodies. Often, scammers often pose as legitimate agents without proper credentials.
“If you become a victim, it is advised that you report the real estate scam to your local law enforcement agency and file a complaint with the Federal Trade Commission.”
