High Foreclosure Rates for California, Nevada and Colorado
More than 3 million homeowners currently find themselves in mortgage trouble, and another 2 million are expected to join them. Among the 10 states with the highest home foreclosure rates Nevada, Florida, Michigan, Colorado Ohio and California are the states that house the most distressed homeowners looking for options to prevent foreclosures. Most political figures believe now that government needs to be involved on some level for bailing out homeowners to protect real estate and the housing market.
John McCain recently called on FHA to initiate a new loan work-out program to transition struggling homeowners into more affordable FHA mortgage loans. He even proposed to spend $10 billion aiding sub-prime homeowners with loan modifications. Congress put together a similar package, which industry insider’s claim would rescue 400,000 borrowers. President elect, Barack Obama has suggested he will budget $10 billion into a fund to stop foreclosures and he’s indicated he is willing to give another $10 billion to cities to buy foreclosed houses. Polls show considerable resistance to a government bailout of mortgage loans. Over 30% homeowners don’t owe any money on their properties and a majority of those who have a mortgage are not delinquent presently.
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