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The ����ui������ <br />��� � �oredosures <br />The biggest obstacle to stabilizing home prices is the threat of a new wave of foreclo- <br />sures. In 2008, more than 1.7 million homes were foreclosed on or lost by short sale or <br />deed in Lieu. Another million were lost in 2009, and Moody's Economycom projects <br />that 2.4 million will be lost in 2010, an estimate that may turn out to be conservative. <br />One in seven households with a mortgage was either in foreclosure or in default at the <br />end of September 2009. The default rate was stable at the end of 2009, due largely to <br />the government's Home Affordable Modification Program (HAMP), but still close to 100 <br />basis points above the 2008 rate and eight times as high as in early 2006. <br />FIGURE 2: Unemployment -rrends, in Sellected U~S~Metro Areas <br />Source: U.S. Bureau olf Laboir Statistics, 20019. <br />R <br />Percentage ChangeVn <br />Unemployment <br />Number of Jo�bs, 2007-2009, <br />Rate <br />________________________________________ <br />Washington, n.�_ D.C. <br />O <br />6--_--------_--__-__--_--_ 1_- <br />-_-_------------------------..�-�� <br />Houston <br />-0.4% <br />8.2% <br />'------------------------------------------------------- <br />New York City <br />-1.1% <br />8.9% <br />Boston <br />-1.3% <br />7.7% <br />Seattle <br />-3.0% <br />8.8% <br />------------------------------------------------------------ <br />Denver <br />-3.3% <br />6.8% <br />����--�----------------------���---------------�o� <br />.�.!..!�.a.po.�.s�.��.!-�_________-_--__--_-__,�'..-..... <br />Miami <br />-4.2% <br />1O.6% <br />San Francisco <br />3% <br />Los -Angeles —'-------------------'-'5.'1% <br />----------------n_5'%' <br />Chicago <br />Atlanta <br />-6.9% <br />__________ <br />1O.11% <br />Phoenix <br />-9.6% <br />B.1% <br />Source: U.S. Bureau olf Laboir Statistics, 20019. <br />R <br />