Hardest Hit States In The U.S. With Home Foreclosures
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.
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.
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.
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.
The reasons behind the rise in delinquencies and home foreclosures differ, but there are mainly two basic driving factors. First is the family economic distress that may be related with untimely job loss or internal matters, and second is the slowing stride of home value. Low home price appreciation is the most common reason behind the highest rates of mortgage home 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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