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US Foreclosure Activity Surges 23% in Third Quarter

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"Foreclosure activity among US properties rose to the highest level on record in the third quarter, as bold government stimulus measures failed to keep homeowners from defaulting," the Financial Times reported. "“Lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties,” James Saccacio, RealtyTrac’s chief executive, said in a statement."
SOURCE:   Financial Times

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