Foreclosure filings were on 2 reported. 3 million U.S. homes in 2008, which approved an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market reporta 15th January 2009. The rapidly increasing number of forclosure feel have sent waves through the housing and banking sector with the effects of millions. According to RealtyTrac, California, Florida, Arizona posted the highest foreclosure totals thea 2008. A total of 523,624 California properties received a foreclosure filing in 2008, the Nationa? S highest point total. Foreclosure activity in the state rose by nearly 110 percent from the year 2007 and almost 498 percent over 2006. With 385,309 properties receiving a foreclosure filing in 2008, Florida documented the second highest state total. Florida foreclosure activity increased 133 percent over 2007 and almost 412 percent over 2006. Arizonaâ? S 2008 a total of 116,911 properties receiving a foreclosure filing was third highest among the states. Arizona foreclosure activity increased 203 percent over 2007 and 655 percent over 2006. Other states with top-10 amounts for 2008 were Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey. With increasing job losses and a weakening economy, forclosure, mortgage delinquencies are expected to rise further. The nationalism? S unemployment rate at the end of the year scored and reached 7th 2 percent in December â?? the highest level since early 1993, after a Labor Department report, Release 9 January 2009. The U. S. job losses in 2 sets. 6 million for 2008. But with all this doom and gloom in the housing market, there is a glimmer of hope for older homeowners 62 years and older. This hope comes in the form of a HUD Home Equity Conversion Mortgage (HECM) or reverse mortgage. Those who have obtained a reverse mortgage, need not be concerned with the increasing forclosure rates and whether they too make their mortgage payments. With a HECM reverse mortgage, there are no monthly payments required. Â borrowers stay in their homes for life and never not worry about the production of a mortgage payment. All they have to do is to keep the property in good condition, pay their property taxes and homeowners insurance, and keep their current pay. Â For seniors who are not currently on a reverse mortgage, is now perhaps time to explore this possibility. It does not matter if it is currently a senior in the late their mortgage. You can then the preconditions for a reverse mortgage. To qualify all borrowers on title must be 62 years or older to occupy the property as their principal residence and is currently not in bankruptcy. That’s? S it! Â MLS Reverse Mortgage has helped seniors save several months have been from losing their homes. Â So, in these difficult economic times, there is still hope for seniors looking for relief or mortgage payment in cash LIFEA? S enjoy pleasures. More information online: http://www. mlsreversemortgage. com