Wednesday, April 16, 2008
One in Every 33 Homeowners May Be Foreclosed Within Two Years
A new report from the Pew Charitable Trust details what states are doing to cope with the mortgage crisis. In some states, the outlook is especially grim; for instance, nearly one in 11 homeowners in Nevada is projected to be in foreclosure and one in 18 Arizona homeowners may face the same circumstance over the next two years. And an additional 40 million neighboring homeowners may see their property values and their municipalities’ tax bases drop by as much as $356 billion, largely over the next two years.