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Pace of Foreclosure Growth Slows
The foreclosure crisis is far from over, but at least the pace of growth is slowing. RealtyTrac Inc. said the number of U.S. households facing foreclosure in February grew 6% from the year-ago level, the smallest annual increase in four years. More than 308,000 households, or one in every 418 homes, received a foreclosure-related notice, down more than 2% from January. Much rides on the fate of the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. If many of those borrowers eventually lose their homes, a new round of foreclosures could spike later this year.
A record 2.8 million households were threatened with foreclosure last year, RealtyTrac said, and the number is expected to rise to more than 3 million homes this year. Among the states, Nevada posted the nation's highest foreclosure rate, though foreclosures there were down 7% from January and down more than 30% on a year-over-year basis. It was followed by Arizona, Florida, California and Michigan. Rounding out the top 10 were Utah, Idaho, Illinois, Georgia and Maryland.
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Date Last Updated: 03/17/2010
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