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IPFS News Link • Housing

Mortgage Backlog: L.A. County's Mortgage Default Rate Double Last Year

07-08-2009 • LAtimes.com

While the default rate has nearly doubled, the number of homes actually being sold at auction -- the final foreclosure stage -- has shrunk. In May, the L.A. County repossession rate was down to 1% of mortgages, from 1.1% a year ago.

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Reported By Jack Gregson

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