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For the period of July to September, there are over 2,700 Americans losing their homes to foreclosure each day. Such a huge number will make one think if the government is really doing anything to end the foreclosure crisis.

Unfortunately, the federal government has been working over time ? creating and approving mortgage rescue programs left and right ? in order to address the problems in the housing industry. It is possible that the government has underestimated the foreclosure crisis and did not expect them to be quite as serious.

Some experts believe that this underestimation could have been the reason why the nation is having trouble keeping up with the foreclosure crisis. In addition, there are also certain factors that have made it nearly impossible to save the housing industry. They include:

For housing and consumer advocates, the government responses were also narrow and slow. Last July, a $300 million housing rescue program was launched in order to help at most 400,000 distressed homeowners. Obviously, the amount is not in the same league as the $700 billion bailout plan recently approved to help troubled financial investment corporations.

• Plummeting home prices especially in states like California, Nevada and Florida.
• Speculative buyers and investors who are walking away after their investments in real estate properties fell through.
• High unemployment rate which is the primary reason why many homeowners were not able to meet their mortgage obligations. According to Freddie Mac, over 45 percent of all mortgage delinquencies cited job loss or unemployment as the cause.

The huge difference has already outraged a lot of politicians and resulted to a promising settlement with Bank of America, amounting to $8 billion earlier this month. The said settlement will take effect on December 1 and is designed to provide assistance to 400,000 Countrywide troubled borrowers in 11 states.

Closely following the state of Nevada in terms of foreclosure rate, Florida is certainly getting pummeled and beaten by the crisis in the housing industry. According to reports released by RealtyTrac, the Sunshine State leapfrogged ahead of California and Arizona based on its month-over-month foreclosure activity, placing it at the #2 spot. Compared to last August, Florida foreclosure listings has increased by 9 percent.

In addition, there was also 44 percent increase in year-over-year foreclosure activity, with one filing for every 178 homes. Fort Lauderdale topped the list of metropolitan cities with the highest foreclosures with 18,316 filings. This figure is 17.7 percent more last August.

On the other hand, Miami placed at the 13th spot with 14,050 foreclosure filings. It was a 7.93 percent drop from the previous quarter but a 37.3 percent increase from last year. Palm Beach came in at the 19th spot with 7,515 filings, up by 5.25 percent compared to the second quarter and 65.3 percent from the third quarter of last year.

The good news is ? national foreclosure rate for September declined by about 12 percent compared to August, with one filing for every 475 homes. Comparing it to last year, the foreclosure activity across the nation actually jumped by 21 percent.

According to the online marketer, the 12 percent decline can be attributed to the numerous state laws which were passed to slow down the foreclosure crisis. There were states that required lenders to notify the troubled borrowers several times before proceeding with a foreclosure filing while there were states that extended the number of months a distressed homeowner can negotiate with their lenders.

Last October 3, a $700 billion bailout program was approved to address the crisis in the financial market, which is tied to the housing industry. Despite this, experts and analysts are still worried that the collapse in the finance sector will result to more houses for sale.

According to a survey, more and more homeowners are skipping their mortgage dues and credit card bills because they failed to manage their budget properly. If this habit goes uncorrected, these individuals will find themselves at risk of losing their homes to foreclosure.

In order to avoid being in such an unfortunate situation, you should make sure that you are planning and maintaining your budget properly.

For starters, you should try to figure out and keep track of all the things you spend your money on. To make it simpler for you to do this, you should go through your credit card receipts and checkbook entries. This will somehow give you a picture of how you are spending your money. Try to categorize the items into groups such as personal, housing, education, etc.

In order to make sure that you stay within your budget, list down all the projected expenses you have in a year. Be sure to include gifts, insurances, medical bills and other possible expenses. After coming up with the total amount, divide it by twelve and you will now come up with your monthly expenses.

One you have this amount, you need to look if your monthly income is enough to accommodate such monthly expenses. If needed, adjust your expenses so that it will equal your monthly income. You can accomplish this by determining whether items are needs or wants. Obviously, you must prioritize your needs.

One of the reasons why many homeowners go above their budget and find themselves with huge debts they could not pay is the lack of emergency fund. Without any savings, you will surely end up using your credit card or the money you set aside for other things, which leaves you with a deficit.

If you manage your budget properly and save wisely, you can be prepared for any emergencies and you will surely be protected against foreclosure.