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

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.