subject: Hardest Hit States In The U.s. With Home Foreclosures [print this page] 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.
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.
So what are the reason for high delinquencies and foreclosure? There are several factors. The two that come to mind are depreciation of home value and the other is related to job loss. Lower property value makes it impossible to refinance which has contributed to the highest rates of foreclosure we have ever seen 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.
