In a July 8, 2008 speech on the U.S. housing market, Treasury Secretary Henry M. Paulson, Jr. reported that 1.5 million foreclosures were started in 2007, and some economists estimate that about 2.5 million foreclosures will be started in 2008. By comparison, there were only 800,000 foreclosures in 2004. Those who happen to be among the unlucky ones, are living in a world of hurt and don't need to be facing giant tax bills on top of losing their homes.