U.S Home Foreclosure Hardest Hit States
Home foreclosures have hit a record high in the U.S. Lenders are not able to collect on their loans because of numerous economic issues including high unemployment rate, this has resulted in a shortage of money and jobs.
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.
Leading the home foreclosure race is Nevada, which continues to have one in every 33 houses on the brink of foreclosure. With a percentage of 3.37 homes, Nevada recorded 34,417 houses under foreclosure. After Nevada, comes Florida, which has 165,291 cases of home foreclosure, with one in every 50 homes facing 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.
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.
Homeowners can fight foreclosure and help contribute to reducing the amount of foreclosures in the country. If you are having problems paying your mortgage, contact your bank or foreclosure consultant to see if you qualify for a loan modification program today.
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