Politics

One in 33 homeowners to face foreclosure in the next two years.

CREDIT:

A new report released today by The Pew Charitable Trusts finds that “one in 33 homeowners is projected to be in foreclosure primarily over the next two years, as a result of subprime loans made in 2005 and 2006.” The report also finds that home values and municipal taxes will drop as much as $356 billion over the same period. “Frustrated by the slow pace of federal action,” nine states are taking steps to help homeowners avoid foreclosure by implementing publicly funded refinance programs.

Tags