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Mortgage Defaults Down While Foreclosures Rise

(8/30/10)

For the past six months, the pace of new mortgage default notices has been surpassed by a record level of bank repossessions. Slightly over 97,000 properties were sent default notices in the month of July, a nearly 30% decrease from the same period a year earlier while foreclosure activity is up about 6% from a year ago, exceeding 300,000 units. Estimates show nearly one in 397 homes received a foreclosure filing for the month. Looking closer at individual states, in Arizona and Nevada nearly one in 82 homes received foreclosure filings while in Nevada's Las Vegas metro area, one in 71 homes received foreclosure notification. In Florida, one in 171 homes received a notice of foreclosure and one in every 200 homes received a notice in California, with the equivalent of approximately 20% of all foreclosures occurring in the golden state.

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