Hardest Hit Foreclosure States In The Country
The U.S foreclosure rate has hit an all time high in 2009. Lenders are forced to foreclose on homes due to high unemployment rates which has resulted in a shortage of income leaving homeowners with no choice but to default on their home loans. Many of the big states in the U.S. have recorded the highest number of home foreclosures. One out of every 398 houses in the U.S. is under the threat of foreclosure. Nevada is one of the hardest hit States with one in 33 houses in foreclosure. This figure translates to over 34,417 homes in process of foreclosure. Florida is next with a mind blowing 165,291 homes in foreclosure, which equals one out of every 50 homes in foreclosure. Some of the other hardest hit states are California, Detroit, Texas, Virginia, Illinois, Georgia, and Michigan. It has been reported that almost 77 percent of the U.S is facing foreclosure. The State of Las Vegas has seen as much as 14,861 foreclosures. This equals one in every 54 homes in foreclosure. The state of Florida has accounted for 15 percent of the foreclosures in the country. Adjustable mortgage rates and high interest are major factors in the foreclosure crisis. Foreclosures hit a record high in 2009. In February of 2009 there were 117,259 homes in foreclosure equaling 68 percent more in February of last year. There are many reasons to record foreclosures in the U.S. Home value depreciation and job loss are definitely two of the most significant factors in mortgage foreclosures in the country. Loan modification is a great way to help homeowners fight foreclosure and help lower the amount of foreclosures in this country. Inquire with your lender about a loan modification plan to help reduce your interest rate and lower your monthly mortgage payment today. Anthony M. Flores is an expert in loan modification processing, and an authority in loan modification affiliate |