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Thursday, July 12, 2012

U.S. Foreclosures Up For Second Straight Month


U.S. foreclosure starts rose year-over-year in June for the second consecutive month, as banks continued to clear their backlog of inventory after a nationwide mortgage abuse settlement, data firm RealtyTrac said on Thursday.

Major banks across the country kept moving on distressed properties following a $25 billion mortgage abuse settlement this April, causing foreclosure starts to rise in the second quarter for the first time since the last quarter of 2009.
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