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July 10 (Bloomberg) -- U.S. foreclosure filings increased 53 percent in June from a year earlier and bank seizures rose the most on record as deteriorating property values and higher rates on adjustable mortgages forced more people to give up their homes.
1 Million Homes
``We'll have 1 million bank-owned properties by the end of the year,'' Sharga said in an interview. ``That will represent between one-fourth and one-third of all home sales.''
About 53 percent of borrowers with subprime loans, those with poor or incomplete credit histories, will have negative equity in their homes at the end of the year, and the number will rise to 63 percent in 2009.
``The foreclosure problem is getting worse and will stay with us well into the next decade,'' Mark Zandi, chief economist for Moody's Economy.com in West Chester, Pennsylvania, said in an interview.
Mortgage Crisis is Leaving Children Homeless
The United States' current record-breaking rates of mortgage foreclosure will directly affect 2 million children this year and next, according to a recent report from First Focus, a bipartisan child advocacy organization.
"Our homeless education liaisons are noticing increases in the number of students who are homeless, not just in high-poverty families but also those who have typically been middle class and facing this for the first time," says Patricia Popp, state coordinator for homeless education in Virginia.