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Foreclosures increases by 55% in July

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News - Financial News

Written by Hugh McManus

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Home foreclosures increased by 55% in July over same month in the previous year.  The rate of foreclosures is expected to decline in August as various state initiatives delay the ability of banks to seize a property.  Such initiatives include 30 to 60 day grace periods, which are designed to encourage banks to seek settlements with their customers.  Many experts believe that, once these periods of delay have passed, foreclosures will surge again at year's end. < Prev   Next >