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Current Economic Situation of Today’s Top 10 Most Populated States

By on June 5, 2014 in Market Updates

Current Economic Situation

We all know that there are tons of overpopulated cities across the nation, but what are the top states exactly with the most residents? It seems like the more populated a city is, the more it seems to struggle when the economy start to head downhill. There are several states still struggling to recover from the crash of the housing market and are currently dealing with endless number of foreclosures. A total of 1,124,265 properties are in some stage of foreclosure in the nation to be exact.

With the help of the Home Affordable Refinance Program, established by the Obama Administration and set forth by the Federal Housing Finance Agency (FHFA) some of these states are starting to see some really remarkable changes, turning underwater homes around. The top states that truly take advantage of this program are, FL, CA, IL, MI, GA, OH, AZ, NC, MD, and VA. Let’s take a look at the current economic situation of the top ten most populated states basd on unemployment rate, foreclosures completed in the past 12 months, their delinquency rate, and how many HARP Refinances have been completed in the past year.

Click HERE to Learn More About the Home Affordable Refinance Program

The most populated states in the U.S. as of 2014 are:

10) North Carolina = 9,752,073
9) Michigan = 9,883,360
8) Georgia = 9,919,945
7) Ohio = 11,544,225
6) Pennsylvania = 12,763,536
5) Illinois = 12,875,255
4) Florida = 19,317,568
3) New York = 19,570,261
2) Texas = 26,059,203
1) California = 38,041,430

Based on a household data survey as of April 2014, the nation’s unemployment rate fell from 6.7% to 6.3% in a year.

  • North Carolina’s Current Economic Situation as of April 2014:

    Population: 9,752,073
    Unemployment Rate: 6.2%
    Foreclosures Completed (Year-to-Date): 24,808
    Serious Delinquency Rate: 3.7%
    HARP Refinances Completed (Year-to-Date): 2,250

  • Michigan’s Current Economic Situation:

    Population: 9,883,360
    Unemployment Rate: 7.4%
    Foreclosures Completed (Year-to-Date): 46,342
    Serious Delinquency Rate: 3.4%
    HARP Refinances Completed (Year-to-Date): 4,853

  • Georgia’s Current Economic Situation:

    Population: 9,919,945
    Unemployment Rate: 7.0%
    Foreclosures Completed (Year-to-Date): 32,032
    Serious Delinquency Rate: 4.5%
    HARP Refinances Completed (Year-to-Date): 4,461

  • Ohio’s Current Economic Situation:

    Population: 11,544,225
    Unemployment Rate: 5.7%
    Foreclosures Completed (Year-to-Date): 29,004
    Serious Delinquency Rate: 4.9%
    HARP Refinances Completed (Year-to-Date): 4,015

  • Pennsylvania’s Current Economic Situation:

    Population: 12,763,536
    Unemployment Rate: 5.7%
    Foreclosures Completed (Year-to-Date): 16,158
    Serious Delinquency Rate: 5.2%
    HARP Refinances Completed (Year-to-Date): 2,227

  • Illinois’ Current Economic Situation:

    Population: 12,875,255
    Unemployment Rate: 7.9%
    Foreclosures Completed (Year-to-Date): 22,148
    Serious Delinquency Rate: 5.9%
    HARP Refinances Completed (Year-to-Date): 5,032

  • Florida’s Current Economic Situation:

    Population: 19,317,568
    Unemployment Rate: 6.2%
    Foreclosures Completed (Year-to-Date): 121,338
    Serious Delinquency Rate: 9.9%
    HARP Refinances Completed (Year-to-Date): 7,878

  • New York’s Current Economic Situation:

    Population: 19,570,261
    Unemployment Rate: 6.7%
    Foreclosures Completed (Year-to-Date): 5,526
    Serious Delinquency Rate: 7.6%
    HARP Refinances Completed (Year-to-Date): 1,758

  • Texas’ Current Economic Situation:

    Population: 26,059,203
    Unemployment Rate: 5.2%
    Foreclosures Completed (Year-to-Date): 38,328
    Serious Delinquency Rate: 3.2%
    HARP Refinances Completed (Year-to-Date): 2,277

  • California’s Current Economic Situation:

    Population: 38,041,430
    Unemployment Rate: 7.8%
    Foreclosures Completed (Year-to-Date): 33,166
    Serious Delinquency Rate: 2.4%
    HARP Refinances Completed (Year-to-Date): 6,628

Some of these states were hit the hardest when the housing market crashed and even though they struggle to get back on track, they are definitely moving down the right path with the help of the HARP Refinance Program that remains available to them until December 2015.

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About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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