According to the latest foreclosure prevention report by the Federal Housing Finance Administration, there are more than 1.1 million home loans in some stage of delinquency. More than 600,000 of these are "seriously delinquent", which means they are 90 days past due or worse.
And remember, this only includes those loans owned by either Fannie Mae or Freddie Mac. There are currently about 145,000 foreclosed homes on the market, and it looks like more will be coming.
But, just like any real estate trend, some states are doing better than others. Some states like North and South Dakota, Wyoming, and Alaska barely have any delinquency issues at all. And some states like New Jersey have more than 8% of all mortgages in some stage of delinquency. For most states, the housing market is a crucial indicator for future economic expansion and consumer confidence.
Here are the 10 states with the most delinquent mortgages, where we can expect a steady influx of foreclosures for the foreseeable future.
