Data published by ForeclosureListings.com comparing Feb. 2010 to Jan. 2010 shows that Texas has witnessed the highest increase in foreclosures with a rise of 35.3 followed by Michigan California & Florida.
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.
49 states have participated in uniform minimum standards for licensing of mortgage loan originators that began in New York and North Carolina and became law and then became a model for Congress to enact the Secure and Fair Enforcement for Mortgage Licensing Act in 2008.
Having learned their lessons from government intervention of relaxing guidelines in order to help more people purchase more homes the laws are meant to reduce the amount of foreclosures in the future but the damage has already been done.
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