CoreLogic, a data firm that provides insight for real estate and financial institutions, released a new report showing which markets and metros are at the highest risk for mortgage fraud. Miami and surrounding Florida metros dominate the top ranks, followed by New York metros.
The Chicago-Naperville-Elgin metro saw a 16.3 percent year-over-year drop in mortgage fraud risk during the second quarter, along with a 6 percent quarter-over-quarter dip. Despite these decreases, the metro is still considered a “fraud risk hotspot” and ranks as the 14th riskiest for application fraud nationally, according to a recent CoreLogic report.
D.C. saw a 9 percent year-over-year rise in risk during the second quarter, placing the district as the sixth riskiest state for application fraud.
Thanks to relatively stable market conditions and low mortgage rates, some financially fortunate and savvy homebuyers may be going shopping for second and third properties — and while that may be good news for both buyers and the real estate industry, the bad news is that certain types of related mortgage fraud are also on the rise.