In 2009, foreclosure rates have hit an all time high due to numerous economic issues, including massive unemployment rates resulting in home loan default for many homeowners.
The U.S has recorded devastating foreclosure highs which has resulted in one out of every 398 homes facing 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.
California recorded the nation’s third highest home foreclosure states. The top ten states facing foreclosures in the United States of America are Ohio, Texas, Detroit, Virginia, Michigan, Georgia and Illinois. These ten states accounted for almost 77 percent of the total United States home foreclosure activities.
Las Vegas continues to suffer the most with foreclosure filings, as the state saw around 14,861 foreclosures. That is one in every 54 housing units in Las Vegas is being foreclosed. Florida accounted for 15 percent of the total number of home loan borrowers to deal with home foreclosures. The most important question that rises in the mind is why these particular states were hit so hard.
The factors behind this may include foreclosure policies, exploding demands, vastly different housing markets and differing mortgage plans.Overall, the number of home loans that entered the stage of foreclosures rose to 117,259 in February of 2009, which was 68 percent more from the same month of the previous year.
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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.
There is hope and a solution to curb these foreclosures numbers and help homeowners fight foreclosure. In an effective way to provide a solution to these foreclosure rates, most banks and lenders are providing homeowners with a repayment plan known as loan modification.Loan modification is a great solution in combating these horrific foreclosure rates by reducing the homeowners interest rate and lowering their monthly payments. If you are having trouble making your mortgage payment, consult with your lender to see if there is a program that they may have to help you save your home.
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