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.
The U.S has recorded devastating foreclosure highs which has resulted in one out of every 398 homes facing 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.
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.
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.
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