Delaware had the second highest foreclosure rate in the nation last year, a recent study reported.
The study also found overall foreclosure activity in Delaware jumped 45 percent last year compared to 2015, the largest increase of any state. Delaware’s dramatic rise is somewhat surprising given that overall foreclosure activity nationwide dropped 15 percent.
Local experts said Delaware’s foreclosure crisis is the result of the state’s stagnant wages making it difficult for residents to keep up with mortgage payments. Workers living paycheck to paycheck get blindsided by expensive home repairs or medical bills and their finances become chaotic. Without rising wages, they can find themselves in a financial hole.