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Thursday, March 25, 2010

More Than 4 Million Families Face Foreclosure

NEW YORK, March 24 /PRNewswire/ -- Data published by comparing February 2010 to January 2010 shows that Texas has witnessed the highest increase in foreclosures with a rise of 35.3%, followed by Michigan at 17.54%, California at 11.93%, and Florida at 4.71% increases. Georgia actually showed a decrease of 5.55% and Arkansas showed the largest drop in foreclosures down 28.6%.

The nation is struggling with a lack of jobs and continued pressure on home values leaving many homeowners with mortgages higher than their homes' value. Several states are creating emergency funds to help the temporarily unemployed from being foreclosed upon. But the numbers continue to paint a bleak picture.

Even with additional funds from the government there are too many people facing unemployment and weak housing values to enable many to borrow the necessary amount to prevent foreclosure or to purchase a home in foreclosure.

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