Real estate fraud is a serious issue that can have devastating financial consequences for victims. A recent study conducted by Florida personal injury lawyers Anidjar & Levine has shed light on the states with the highest real estate fraud losses in 2023. The study analyzed data from the Internet Crime Complaint Center and ranked all 50 states based on the average amount of money lost to real estate scams.
According to the study, Alabama tops the list with the highest amount of money lost to real estate fraud. In 2023, 77 victims in Alabama lost a total of $5,346,973, with an average loss of $69,441.21 per victim. Following closely behind is North Dakota, where just six victims lost a total of $402,505, averaging $67,084.17 per victim. South Carolina, Oregon, and New Mexico round out the top five states with the highest real estate fraud losses.
Interestingly, the study also examined which states are most concerned about mortgage scams based on search volume data. Vermont emerged as the state most worried about mortgage scams, with an average of 11.58 searches per 100,000 residents. Despite this concern, Vermont ranks second to last for its losses to real estate fraud, with an average loss of $1,254.95 per victim. Delaware and Alaska follow closely behind as the second and third states most concerned about mortgage scams.
The study also identified the top mortgage scam-related searches across the US, including terms like „mortgage fraud,“ „real estate scam,“ and „report mortgage fraud.“ These search terms reflect the growing awareness and concern surrounding real estate fraud and mortgage scams among the general population.
A spokesperson for Anidjar & Levine emphasized the importance of being vigilant against real estate scams and offered tips on how to identify and avoid falling victim to such schemes. Some red flags to watch out for include deals that seem too good to be true, unrealistically low prices, and requests for payment via untraceable methods like wire transfers or gift cards. It is also crucial to verify the legitimacy of the real estate agent and report any suspected fraud to the appropriate authorities.
In conclusion, the study’s findings highlight the prevalence of real estate fraud and the need for increased awareness and vigilance in the real estate market. By staying informed and taking proactive measures to protect oneself against scams, individuals can reduce their risk of falling victim to fraudulent schemes and safeguard their financial well-being.