According to the Center for Responsible Lending a new foreclosure starts every 13 seconds, equaling nearly 6,500 a day. CRL data show the number of new foreclosure starts for the first five months of 2009 has reached one million. CRL is projecting 2.4 million foreclosure starts by the end of the year, which it says will reduce property values of some 70 million households by $502 billion, or at an average of $7,200 per homeowner. Last week the Mortgage Bankers Association reported that 12% of all home mortgages are delinquent. CRL estimates that by 2012 at least 9 million new foreclosures will cost $1.9 trillion in lost home equity to 92 million families.
Processing Content
