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Nationwide, more than a half million homes fell into foreclosure in the first half of 2010. More than 900,000 were repossessed in 2009. Now a new study, conducted by MIT and Harvard researchers, reveals the drop in value to a foreclosed property is even more staggering than many would believe.

Foreclosure moves man to front yard

Foreclosed out of his home, a mentally ill Schaumburg man sleeping in his van tests the patience of village officials, police and neighbors Four vehicles, each filled with garbage, sit outside a home in a quiet Schaumburg neighborhood, where a mentally ill man has been living in his front yard since it was padlocked by a mortgage company.

Foreclosures