By the end of 2008, 2 million home mortgage foreclosures are predicted with the loss in real estate value expected to top $3 billion.
Treasury Secretary Henry M. Paulson Jr. recently said there could be more than 1 million foreclosure proceedings started this year, with 620,000 of them dealing with sub-prime loans made to people with poor credit. Some analysts say a much larger number of mortgages are headed for trouble.
U.S. home foreclosures doubled in the third quarter from a year earlier, according to a report this month by RealtyTrac. There were 635,159 foreclosure filings in the quarter, the research company said.
In Nevada, which has one of the highest foreclosure rates in the country, 28 percent of mortgages that were in default earlier this year were for homes not owner-occupied, more than twice the national average.
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