The Real Deal Miami

Foreclosures could hit 6.5 million by 2011

June 12, 2009 02:15PM

Rick Sharga, vice president of marketing at Realtytrac, spoke to Bloomberg News earlier this week about the news that foreclosures in the U.S. have now exceeded 300,000. Foreclosures could be close to 6.5 million by mid-2011, according to recent figures from JPMorgan Chase. Sharga said that unemployment-related foreclosures are starting to increase, and that the upcoming resetting of many adjustable-rate mortgages will also send more homeowners into foreclosure.