Recent home buyers, many seduced by too-low-to-last teaser loan rates, are finding that all good things must end. For more than a million, they could end in foreclosure, according to a study released Monday.

Americans borrowed $2.2 trillion from 2004 through 2006 in the form of adjustable loans, which start with low monthly payments that reset to higher rates. As those loans reset, 1.11 million people will lose their homes, according the study by First American CoreLogic, a firm that tracks mortgage risk for the financial services industry.

The figure is significantly less than a widely published number from the Center for Responsible Lending.

After successfully selling out its first 16-unit business condominium project in the Harbor Bay Business Park in Alameda, Venture Corp. of Larkspur bought a vacant parcel across the street and erected a similar 24-unit complex, which opens this week.

Venture has built or is building dozens of its business “commerce centers.” It has latched on to the concept of developments made up of attached properties for small business, manufacturers or R&D operations that are sold like residential condominiums.

When businesses buy individual units, they become members of the complex’s owners’ association and pay fees to cover the cost of upkeep, insurance, landscaping and other common expenses.

Daily reports for a month now inform us of the “surprise” that subprime borrowers are delinquent on payments. But everyone in the business has expected it since 2004. What happened from 2004 to 2006 in the mortgage markets can be fairly described as a scam. And you are about to pay for it.

Here’s how it worked.