The Blue Crown Capital Management Specialists: Ten worst states for mortgage fraud
10. New York
MFI: 98
2010 population: 19,378,102
Percentage of homeowners: 54.5
New York also ranked No. 4 on the 2012 Collusion Indicator Index. (The CII is based on factors, including cohabitation and shared assets, that make collusion possible or likely. The factors are particularly relevant when a property has been transferred at a loss.)
9. Georgia
MFI: 106
2010 population: 9,687,653
Percentage of homeowners: 67.1
The state's MFI fell 27 percent between 2011 and 2012. Georgia also ranked No. 9 of the 10 states with the largest percentages of properties in default, at 2.94 percent, though that was down from 4.32 percent in 2011.
8. Michigan
MFI: 110
2010 population: 9,883,640
Percentage of homeowners: 74.5
Michigan posted a significant drop—just over 40 percent—in MFI between 2011 and 2012.
7. California
MFI: 116
2010 population: 37,253,956
Percentage of homeowners: 56.1
Two of the metro areas with the highest number of mortgage fraud suspicious activity reports were in the Golden State: San Francisco-Oakland-Fremont, at 12.1 percent, and Los Angeles-Long Beach-Santa Ana, at 6.4 percent.
6. New Jersey
MFI: 120
2010 population: 8,791,894
Percentage of homeowners: 66.5
New Jersey is the only state making the Worst 10 on all three NexisLexis mortgage fraud indexes: It also ranks No. 7 on the CII for properties with a sale price decrease of 50 percent to 95 percent, and it's No. 6 on the default index.
5. Illinois
MFI: 150
2010 population: 12,830,632
Percentage of homeowners: 68.8
The state also had the second-largest percentage of mortgage defaults last year.
4. Delaware
MFI: 165
2010 population: 897,934
Percentage of homeowners: 74.7
This is the state's first appearance on this Worst 10 list. It also ranks high on the CII.
3. Arizona
MFI: 174
2010 population: 6,392,017
Percentage of homeowners: 66.6
The state was also third on in 2011; it ranked No. 2 in 2010.
2. Nevada
MFI: 280
2010 population: 2,700,551
Percentage of homeowners: 59.7
Nevada was also No. 4 last year among the 10 states with the largest percentage of properties in default, though the number decreased dramatically—to 4.13 percent from a high of 14.94 percent in 2009.
1. Florida
MFI: 805
2010 population: 18,801,310
Percentage of homeowners: 69.3
With its long history of real estate fraud, Florida has ranked No. 1 for mortgage fraud investigations for five years. It's also first for properties in default. Still, defaults fell to 5.42 percent last year from a high of 13.42 percent in 2009.
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