Article by Anthony Flores
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.
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.
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.
There are many reasons to record foreclosures in the U.S. Home value depreciation and job loss are definitely two of the most significant factors in mortgage foreclosures 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.
Foreclosure only gets worse with time
Not just foreclosures, but foreclosures where, because of denial or procrastination or hopes for a miracle, nothing is done until the last minute, when nothing can be done. A foreclosure is not a surprise. It takes years, and for all the sins and …
Read more on Duluth News Tribune
A bit of humor...
Powered By WPHumor
Please Note... All links within articles are placed by their author-owners and not by this blog.Products with in those links may or may not be the best in the world.If it sounds too good to be true it could be a scam.Articles are posted for their info,ideas and or entertainment value only.
Powered By WP Footer
