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U.S. MORTGAGE CRISIS: Foreclosure filings soared 81 percent in 2008

Published 01/15/2009, Associated Press

More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices. The four states with the highest foreclosure rates last year were Nevada, Florida, Arizona and California.

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