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Morning Mortgage Meltdown: Foreclosures at All-Time High

U.S. home foreclosure rates have hit an all-time high; the number of loans in foreclosure jumped to 7.9% in the third quarter, up from 7.3 percent in September (the rate hasn't risen higher than 7% since 1979). California has ranks high in the foreclosure department— along with Florida, the states accounted for 21% of new loans and 30% of new third quarter foreclosures. Reform school for for home owners? Don't be surprised. [NYT]