NBA's "Dr. J" to lose Utah home

Former NBA superstar Julius Irving needs to hire moving services, as TMZ reported he is about to lose his Utah home.

Irving's St. George property is now facing foreclosure after he defaulted on his home loan. He told TMZ that his 6,700-square-foot home is "substantially underwater", meaning the amount he owes on the mortgage is worth more than the home's current value.

Irving, known as "Dr. J" during his professional hey day, was famous for his slam dunks and acrobatic midair spins. He was named an NBA all-star every year of 11-year career, according to the league's website.

TMZ reported that Irving's home is listed on Foreclosures.com for $2.23 million.

Irving is one the many Americans currently struggling with underwater mortgages and facing foreclosures. A recent RealtyTrac study found that foreclosures made up 25 percent of all residential home sales in the third quarter of this year, simultaneously lowering overall home values. While Corelogic found that the number of underwater mortgages in the nation declined in the third quarter, their study determined the change was not due to rising property values, but increased foreclosures.

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