Study Shows 1.7M Homeowners Near Foreclosure

Washington, DC, Dec. 18, 2009--About 1.7 million homeowners were on the verge of foreclosure in the fall, according to a new report by real estate research firm First American CoreLogic.

The report cits a looming "shadow inventory" of homes that will come on the market for sale over the next several years and weigh down prices.

The study provides an estimate of how many bank-owned homes have yet to be put on the market as of September. It also includes borrowers who have missed at least three months of payments and are likely to lose their homes.