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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. It has been reported that the U.S is facing a tremendously high number of foreclosures. The numbers are staggering with one in every 398 households are facing 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. 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. The State of Las Vegas has seen as much as 14,861 foreclosures. This equals one in every 54 homes in foreclosure. The state of Florida has accounted for 15 percent of the foreclosures in the country. 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. 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.
Article Source: http://www.onlinearticlessite.com
Anthony M. Flores is an expert in do it yourself loan modification , and a consultant in how to do a loan modification
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