There will probably be 6.4 million additional home foreclosures between March of this year and mid-2011, or about 2.5 million less than there would be if mortgages were not being reworked to aid borrowers, according to a team of JPMorgan Chase & Co. analysts.

The modification-adjusted number will lessen home price declines "only slightly," the mortgage bond analysts, led by John Sim in New York, wrote in a report published last week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.