Still, it is predicted in a research by Moody’s Economy.com that the number of houses which will be lost as a foreclosure proceeding will add up another 18 percent. It is also expected that the levels will go down through 2011.

It is quite noticeable that more than 860,000 properties were taken back by lenders throughout the country. A foreclosure firm in Irvine, Calif, RealtyTrac which keeps listing of foreclosure properties produced these records.

These foreclosure processes have been breaking records for the last 30 years. Mortgage Bankers Association states that these levels will lean to the higher side even in the forth coming times.

Reports mention that newly elect President Barack Obama will be doing efforts to prevent worse conditions in this regard. It is said that he has planned to use $100 billion from the remaining financial bailout money that is $350.

A principal with Beacon Economics, Los Angeles, Christopher Thornberg says, “Hitting bottom is a lot different than coming off the bottom.”

Last year records mention that the highest number of disclosure properties were in Florida, Arizona, California and Nevada. The number of foreclosure properties in these areas was 1.1 million.

Although the new government is going for methods to embetter the ongoing crises, it is believed that the resolve will still take some time.

The recent buyout of Helio will become the cause to lay off 10 % of the strong workforce. According to the company, acquisition of Helio and the move to an IBM-contracted IT infrastructure was the factor behind that cull.

Most losses are expected to come in the New Jersey and California offices and it indicates that the company is ready for the worst worldwide in the fiscal year 2009.

Virgin Mobile has shown some decent global financial results recently that indicate 8% percent increase in subscribers in year on year terms in the US.

According to Virgin Mobile USA Chief Executive Officer Dan Schulman, “We have projected the status of the Company post-integration and some remaining duplication of assignments has also been identified.”

“We are planning to expand the investments in our prepaid as well as new postpaid business and we need to identify opportunities to decrease operating costs in all areas,” he added.

In the US, Dow Jones index closed Tuesday 177 points or 2% down to 8,694 and it was mainly due to poor results overnight from Starbucks.

Continuing fears over General Motors future also hit US investors confidence. Similarly, European and Asian shares also fell.

Oil prices, declining to 20-month lows, also kept falling.

On Tuesday trading, US light crude ended down $3.08 to $59.33 a barrel and it was the lowest price since March 2007. The demand of oil continued to fall due to slowing economy.

In UK, FTSE 100 share index closed 3.6% down and Japan’s Nikkei dropped 3%. Similarly, France’s Cac fell 4.8% and Germany’s Dax slid 5.3%

ECU Group chief economist, Neil Mackinnon says: “There is unremitting flow of bad news and now the markets are quite worried about the economic crisis.”

“The economic slump seemed to be longer and deeper and it’s a real concern for equity markets.”

After China’s announcement of a $586bn economic stimulus package, Asian and European stocks enjoyed rises on Monday, but that gains were short lived.

On the FTSE, Tuesday’s biggest fallers were those mining firms that gained on Monday after China’s package announcement.

In morning trading, shares were up in Australian, Hong Kong, Singapore and South Korean markets, but they opened down in the main markets in Taiwan and Shanghai.

Earlier this week, EU leaders announced that big bank would be allowed to declare itself bankrupt. The leaders have agreed a plan to handle the crisis.

To unfreeze credit markets, the G7 finance ministers have approved a five-point plan and similarly many other countries have announced individual rescue packages.

Australian Prime Minister Kevin Rudd announced that his government would guarantee all large bank deposits for the coming three years.

According to some analysts, this type of move would help to raise confidence as it was quite obvious when Australia’s central bank pumped $2bn to improve lending between banks.Sydney’s benchmark index was 3.2% higher at 0300GMT and similarly South Korea’s Composite Stock Price Index and Hong Kong’s Hang Seng index were also slightly up.

However, both main stock markets in Taiwan and Shanghai were 2% down during a volatile morning trading. In Japan, financial markets were closed because of a public holiday.