Recent economic conditions have had an impact on foreclosures as well. Even though it has been noticed that the number of foreclosures decreased with a small percent, the trend is still maintained at a high level. Each day, more and more homeowners default on their payments and their properties are being repossessed. Banks and other lending institutions are obliged to file for foreclosures, desiring to recuperate the debt as soon as possible. Compared to the year of 2007, the number of foreclosures has increased by a worrying number. Homeowners are having a hard time paying their mortgage and they find themselves in the situation of facing pre-foreclosure. Some have lost their jobs and have no way to pay. Others have been in default for some time and they have absolutely no possibilities to pay for their loans. Experts appreciate that even more properties are going to be foreclosed the following year. There are three states that sit at the top of the list when it comes to foreclosures. We are talking about California, Florida and Michigan. Searching statistics for foreclosures by state, one will quickly notice that California occupies number one. The state has an increasing number of properties under foreclosure, the number having doubled since 2007. The situation is probably just as serious in Florida, the number of foreclosures surpassing the one registered in Michigan. As for the state of Michigan, the recently noticed decrease in foreclosed properties has not managed to erase it from the top three states where foreclosure rate is still as high as ever. Following closely the three states mentioned above, we find an impressive number of territories affected by foreclosures. States like Texas, Ohio, Colorado and Nevada are deeply affected, ranking among the top list. Should we be worried about the number reported when it comes to foreclosures by state? The answer is obvious. Foreclosures happen in all parts of the country, often surpassing the national average. Some states have seen a decrease in foreclosure activity but the registered percent is still worrying. California, one of the states where foreclosure rates have hit sky-limit, has seen an increase in the past few weeks. Analyzing foreclosures by state, we notice that the same thing has happened in Michigan where the number of foreclosures has increased with over 20%. As for the cities where foreclosure activity is intense, California and Florida cities occupy most of the places on the top 10 list. More recent data shows that one in ten properties is in default, with an even bigger number when it comes to properties that are already in foreclosure. We could analyze foreclosure activity and trends by city, state or top ten lists. Searching foreclosures by state, there are numerous states where homeowners default on their payments and are unable to prevent repossession. Some cities have a higher rate, others have managed to keep it at a steady level. One thing is certain: the situation was not as concerning in 2007. As we approach a new year, it becomes clear that we need to take a closer look at foreclosures by state and identify possible solutions!
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