Number of Foreclosures Risisng

Did you know that one million new foreclosures were filed in the first five months of 2009, a number that could reach 2.4 million by the end of the year, according to estimates by the Center for Responsible lending (CRL). The CRL estimates that these foreclosures could affect as many as 70 million nearby households and contribute to lost property values totaling $502 billion. The group also projects that by 2012, foreclosure starts could rise to 9 million and cost 92 million neighboring households $1.9 million in lost home value.