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Is there a gender difference in foreclosure rates?

| Oct 24, 2016 | Firm News, Personal Bankruptcy

Foreclosure rate can vary between different demographic groups. For one, as a recent report underscores, it can differ between men and women. This analysis indicates that, in general, foreclosures are currently more common among men than women.

The report looked at foreclosure activity in this year’s third quarter (excluding activity involving jointly-owned homes), and calculated and compared foreclosure rates based on gender and marital status. Its findings indicate that, when individuals of all marital statutes are included, the foreclosure rate of men is higher than that of women.

Of the three marital statuses the report looked at (married, widowed and single/unmarried), single/unmarried was the only status in which women topped men for foreclosure rate. And the gap between genders was much smaller in that marital status than in the two in which men held the higher rate.

Widowed men held the highest overall foreclosure rate among the different gender and marital status groupings, with a rate of 112 homes in foreclosure out of 10,000.

What do you think accounts for the gender difference in foreclosure rate?

Whatever a person’s gender and marital status, when they are facing a foreclosure, it can be critical for them to know what their options are. Losing their home may not be a foregone conclusion; there may be measures they could take to save their home. For example, in some instances, Chapter 13 bankruptcy can help a homeowner keep a home that is at risk for foreclosure. Individuals facing foreclosure who are wondering if bankruptcy would be a workable way for them to save their home should consider promptly speaking with a bankruptcy lawyer.

Source: Investor’s Business Daily, “Women Have The Edge When It Comes To Avoiding Foreclosure — Mostly,” Kent Zelas, Oct. 19, 2016

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