Hardest Hit States In The U.S. With Home Foreclosures

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.

Foreclosures in Las Vegas have seen as many as 14,861 homes in foreclosure. This means that one in every 54 homes are in foreclosure. Another staggering number is that 15 percent of all foreclosures are in the state of Florida.

Adjustable mortgage rates and high interest are major factors in the foreclosure crisis. Foreclosures hit a record high in 2009. In February of 2009 there were 117,259 homes in foreclosure equaling 68 percent more in February of last 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.

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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