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

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.

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.

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.

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.

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.

Anthony M. Flores is an expert in do it yourself loan modification , and a consultant in how to do loan modification