Pew: 1 in 33 homeowners will be in foreclosure within 2 years

More fallout from the subprime lending crisis. See here. California, to no one's surprise, is actually doing worse than 1 in 33:

Some states with severe problems have lagged behind. California, where one in 20 homeowners is projected to experience foreclosure, primarily over the next two years, issued a notice to loan servicers encouraging them to agree to wholesale loan adjustments, but as of the end of 2007, had provided little additional help to financially distressed homeowners. California has a task force and is exploring other relief, however, and has proposed expanding the types of loans regulated and strengthening the state’s underwriting standards for high-cost mortgages to prevent future challenges.