Monday, September 8, 2008

US Home Foreclosures Increase 55%

More than 272,000 people in the US received a foreclosure notice in July, a rise of 55% on a year earlier, according to analysts Realtytrac.

Florida and California had the highest rate of foreclosures, figures showed.

In a further indication of the severe problems affecting the US housing market, more than 77,000 homes were repossessed in July.

As a result of this increase, 17% of all homes for sale in the US are repossessed properties.

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