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An Article
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Foreclosures hit all-time high
More borrowers than ever are losing their homes or falling behind on payments. Rescue efforts have not reversed default trend
March 06, 2008
By
Les Christie
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| New York, California - Two percent of all mortgages are currently in foreclosure, according to a survey by the Mortgage Bankers Association, the highest rate in the report's quarterly history. Foreclosures started during the quarter also hit a record, amounting to 0.83% of home loans. Additionally, the number of mortgage borrowers who were over 30 days late on a payment in the last three months of 2007 is at its highest rate since 1985.
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