Clearly, the foreclosure numbers for April, 2009 are horrifying. There are so many people who are receiving foreclosure notices or who are turning over their house keys to their lender in a deed-in-lieu of foreclosure transaction. The top 10 states for foreclosure (California, Nevada, Arizona, Florida, Illinois, Georgia, Michigan, Ohio, Virginia, and Texas) account for 75 percent of all foreclosures. That means there are plenty of foreclosure notices being sent out in other parts of the country. No part of the country is exempt, which is unfortunate.
For me, the rash of foreclosure notices is all tied up with the fact that jobs are being lost at an extremely steep rate. If you don’t have a job, you’re not going to be able to pay your mortgage. Read my new post at MoneyWatch.com for details.