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Morning Mortgage Meltdown: Foreclosures Up

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Another morning, another piece of bad news for homeowners, unless you're one of those people looking to buy up foreclosures, that is. Face: Notices of default in the state rose 125% from a year ago. Even worse in the Bay Area, where that number was 140% and foreclosures are up 315%. Fact: The of homes actually repossessed in California is up 260%. On the plus side though, the rate of foreclosures is, in fact, slowing down. [SF Gate]