Posts Tagged ‘foreclosure statistics’
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.
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.
Almost 77 percent of the U.S is facing foreclosure. California is one of the leading foreclosed states along with Ohio, Texas, Detroit, Virgina, Michigan, Illinois, and Georgia.
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.
How does this happen? Some of the factors include high mortgage rates, and adjusting mortgage rates. In February of 2009, foreclosures hit a record high in the U.S of 117,259, equaling 68 percent more than the previous year in February.
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.
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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