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Foreclosures Jumped 81% in 2008
More than 2.3 million U.S. homeowners faced foreclosure proceedings last year, a jump of 81% from 2007 according to RealtyTrac. What's worse, rising unemployment, shrinking investment portfolios and falling home prices should mean more to come this year, the foreclosure listing firm said. Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, RealtyTrac said. The report comes as Democrats, including President Barack Obama, consider plans to use up to $100 billion of the remaining $350 billion in financial bailout money to prevent the foreclosure crisis from deepening. The four states with the highest foreclosure rates last year were Nevada, Florida, Arizona and California. In December, more than 303,000 properties nationwide received at least one foreclosure notice, up more than 40% from a year earlier and up 17% from November, RealtyTrac said. Nearly 79,000 properties were repossessed by lenders in December, a 61% increase from December 2007. Some analysts expect housing to hit bottom in 2009, but add that the rebound will be long and slow as foreclosures will likely remain above normal for years.
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Date Last Updated: 01/28/2009