Being foreclosed on is something that no Knoxville homeowner wishes or expects to happen. But for many people in Tennessee, foreclosure is an unfortunate reality. According to a new study, your gender may actually play a role in whether you are at risk for ending up in foreclosure.
Investor’s Business Daily reports that, in general, it was found that you are more likely to retain possession of your home if you are a woman than if you are a man. The study looked at property records for more than 5 million homes. All of the homes in the study were single-family residences. It is important to note, however, that the study did not take into account foreclosures of homes that were owned jointly by both a wife and a husband.
Not only was gender found to play a role, but marital status was also a factor. Married women were found to have a lower rate of foreclosure than married men. This was also true for widowed homeowners. Widowers are 16 percent more likely to be foreclosed on than widows. In fact, regardless of gender, widowed homeowners were found to be the group with the greatest risk of foreclosure.
Unmarried people were the only demographic where men were found to be less susceptible to foreclosure than women. Unmarried women were foreclosed on at a rate of 73 for every 10,000, while unmarried men came in at 70. Statistics for the third quarter of 2016 showed that overall, foreclosure closing were down and were at their lowest in more than a decade.