According to MSN Real Estate, the number of homes entering into to foreclosure has jumped nearly 100% since last year as efforts to stem the surge have come too little too late, with a sizable jump in the number of homes completing the foreclosure process and being taken back by the bank, also referred to as real-estate owned, or REO. This surge in foreclosures and the resulting drain on the economy is "the most significant current risk" to the economy, according to Treasury Secretary Henry Paulson, who in a recent speech warned of the "immediate need" for lenders to modify and refinance more loans.
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