OTHER NEWS – Georgia is among the top 10 states for losses from real estate fraud, according to a new study.
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A new study shows which states have lost the most money due to real estate mortgage fraud.
For the study, Florida-based personal injury attorneys Anidjar & Levine analyzed all 50 states based on the average amount of damages lost due to real estate fraud.
Data on losses caused by real estate fraud were obtained from the Internet Crime Complaint Center for the year 2023.
The top 10 states with the highest real estate fraud losses
| Rank | Condition | Total loss due to real estate fraud | Number of victims of real estate fraud | Average loss per victim |
| 1 | Alabama | $5,346,973 | 77 | 69,441.21 USD |
| 2 | North Dakota | 402,505 USD | 6 | 67,084.17 USD |
| 3 | South Carolina | 5,755,201 USD | 130 | 44,270.78 USD |
| 4 | Oregon | 5,682,876 USD | 135 | 42,095.38 USD |
| 5 | New Mexico | $1,998,926 | 55 | 36,344.11 USD |
| 6 | Arizona | $9,472,364 | 318 | $29,787.31 |
| 7 | Washington | $7,668,752 | 277 | $27,685.03 |
| 8 | Oklahoma | $1,501,530 | 57 | $26,342.63 |
| 9 | New Jersey | $5,226,872 | 233 | $22,432.93 |
| 10 | Georgia | 4,024,568 USD | 231 | $17,422.37 |
Alabama has the highest losses due to real estate fraud.
Alabama had 77 victims who lost a total of $5,346,973. That’s an average loss of $69,441.21 per victim in 2023.
North Dakota has the second highest loss amount. Despite only six victims, a total of $402,505 was lost to real estate fraud. The average loss amount per victim was $67,084.17 in 2023.
South Carolina ranks third with a total loss of $5,755,201 and 130 victims. The average loss amount per victim in 2023 was $44,270.78.
Oregon ranks fourth with $42,095.38 lost per victim. Oregon had 135 victims and a total of $5,682,876 was lost to these scams in 2023.
In fifth place is New Mexicowith an average loss of $36,344.11 per victim. Across all 55 victims, a total of $1,998,926 was lost in 2023.
Ranked sixth to tenth are Arizona, Washington, Oklahoma, New Jersey and Georgia.
The report also shows which states have the greatest fear of mortgage fraud and correlates each state with the amount of losses caused by real estate fraud.
Using Google Keyword Planner, a starting list of search terms was created based on the most commonly googled terms related to real estate and mortgage fraud.
Using 38 search combinations related to real estate fraud, the volume for each term was analyzed across all U.S. states and compared to population size to determine the average monthly number of searches per 100,000 people.
The 10 states with the greatest fear of mortgage fraud
| Rank | Condition | Searches per 100,000 people | Average damage per victim (2023) | Rank – average loss per victim |
| 1 | Vermont | 11.58 | 1,254.95 € | 49 |
| 2 | Delaware | 11.31 | 1,621.00 € | 48 |
| 3 | Alaska | 10.79 | 5,391.08 USD | 39 |
| 4 | Wyoming | 10.56 | $2,563.84 | 46 |
| 5 | Rhode Island | 10.19 | $12,665.85 | 22 |
| 6 | New Hampshire | 10.04 | $1,220.67 | 50 |
| 7 | Montana | 9.49 | $3,107.70 | 44 |
| 8 | Maine | 9.37 | $14,698.19 | 14 |
| 9 | North Dakota | 8.40 | 67,084.17 USD | 2 |
| 10 | Hawaii | 8.36 | $5,405.75 | 38 |
Vermont is the state most concerned about mortgage fraud. The state averages 11.58 raids per 100,000 residents. Vermont ranks second to last in its losses from real estate fraud, losing $1,254.95 per victim.
Delaware is the state with the second highest mortgage fraud rates, with an average of 11.31 searches per 100,000 residents. Delaware ranks third in losses at 48th, with an average loss of $1,621 per victim.
Alaska is the third most prevalent state in terms of mortgage fraud, with an average of 10.79 cases per 100,000 residents. Alaska also has one of the lowest losses from real estate fraud, with 39 cases per victim, for a loss of $5,391.08.
Most common searches related to mortgage fraud in the US
| Rank | keyword | Average monthly search volume |
| 1 | Mortgage fraud | 3,325 |
| 2 | What is mortgage fraud? | 1,610 |
| 3 | Fraud in the real estate sector | 1,215 |
| 4 | Real estate fraud | 1,030 |
| 5 | Mortgage fraud | 705 |
| 6 | Types of mortgage fraud | 641 |
| 7 | Fake property buyers | 524 |
| 8 | Real Estate Fraud Lawyer | 490 |
| 9 | Report mortgage fraud | 487 |
| 10 | Home fraud | 455 |
A spokesman for Anidjar and Levine commented on the results of the study,
“Mortgage is one of the largest financial commitments someone can make. Becoming a victim of real estate fraud can result in theft of personal information, financial loss and complicated future purchases.
“The data shows that the states most concerned about real estate fraud suffered smaller losses in 2023.
“While New Hampshire ranks sixth in mortgage fraud concerns, it had the lowest number of real estate fraud losses in 2023, averaging $1,220.67 per person.
“There are several ways to spot a real estate scam. If an offer seems too good to be true, it probably is. Watch out for unrealistically low prices.
“Also be wary of requests for payment via bank transfer, gift card or other untraceable methods. In general, legitimate transactions are processed through secure and traceable payment channels.
“Always check that the real estate agent is a reputable company. The real estate agent must be licensed and registered with the relevant regulatory bodies. Fraudsters often pose as reputable agents without having the necessary qualifications.
“If you become a victim, it is recommended that you report the real estate scam to your local law enforcement agency and file a complaint with the Federal Trade Commission.”
