As the US unemployment rate hits a 26 year high, the number of homes repossessed between July and September 2009 stood at 938,000. If this continues, it is expected that the number of foreclosure homes will increase by 200% on last year and finish at 3.5 million for the year.
As people continue to default, the US government’s attempts to offer assistance to those suffering from impending repossession is proving to be insufficient. Many more people are losing their homes than receiving help from Obama’s mortgage relief program. Although some have been assisted, allegedly 500,000 since March, missed payments are still on the rise.
Below is the top ten list of US states to have the highest repossession rates between the months of July and September 2009.
10. Illinois
9. Colorado
8. Michigan
7. Georgia
6. Utah
5. Idaho
4. Florida
3. California
2. Arizona
1. Nevada
Nevada’s high unemployment rate has proved to have had a direct result on the state’s foreclosure numbers. Overall in the US, 76,000 homes were repossessed in August and a further 88,000 have been repossessed in September. Foreclosure filings topped 343,000 on September.
It’s expected that many people won’t qualify for the government’s assistance program and experts predict a further wave of repossessed homes on the market next year.
Tags: foreclosures usa, property repossession, repossessed homes, repossessed homes usa