Recession Global

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.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.Las Vegas continues to suffer the most with foreclosure filings, as the state saw around 14,861 foreclosures. That is one in every 54 housing units in Las Vegas is being foreclosed. Florida accounted for 15 percent of the total number of home loan borrowers to deal with home foreclosures. The most important question that rises in the mind is why these particular states were hit so hard.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.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.Anthony M. Flores is an expert in loan modification processing, and an authority in loan modification affiliate