In congressional testimony last month Michael Barr, the Treasury Department's assistant secretary for financial institutions, said more than 6 million families could face foreclosure over the next three years.
There are more than 6,600 home foreclosure filings per day.
Nearly two million foreclosures already this year
Every 13 seconds in America, there is another foreclosure filing.
People are no longer defaulting simply because of a change in the payment structure of their loan. They are defaulting because of lost jobs or reduced hours or pay.
Celia Chen of Moody's Economy.com says nationwide home prices won't regain the peak levels they reached in 2006 until 2020.
Top 10 Foreclosure States
- Navada: Rate: One in every 62 households
- Florida: Rate: One in every 140 households
- California: Rate: One in every 144 households
- Arizona: Rate: One in every 150 households
- Michigan: Rate: One in every 234 households
- Idaho: Rate: One in every 241 households
- Utah: Rate: One in every 282 households
- Colorado: Rate: One in every 329 households
- Illinois: Rate: One in every 401 households
- Georgia Rate: One in every 332 households
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