As mortgage defaults and foreclosures continue to rise, the impact is spreading well beyond those who are losing their homes.
In communities across the country, msnbc.com readers report that local governments are coping with shrinking tax rolls, lenders are saddled with more foreclosed homes than they can sell and empty homes in many neighborhoods are being […]

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AP - Soaring foreclosures are continuing to raise questions about the mortgage industry’s claims that they are making a dent in the housing crisis.

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DENVER (CBS4) ― “I think it’s terrible,” said a man in Green Valley Ranch.
The foreclosure rate there shows it’s the worst area of Denver. People know it and are feeling it.
“Yeah, I want to move,” says another homeowner.
But with so many bank owned homes, the market is so soft.
“There’s no way possible that […]

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NEW YORK - In a bad omen for sellers and lenders this spring home selling season, the erosion of house values is accelerating and foreclosure filings are doubling, new data showed Tuesday.
A closely watched index of home prices in 20 cities fell almost 13 percent in February from a year earlier, a record for […]

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Reuters - The share of vacant U.S. homes rose to a record level in the first quarter, the government reported on Monday, with homeowners finding it increasingly difficult to find buyers in a collapsed market and more homes in foreclosure.
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HARTFORD, Conn. (CNN) — Yolanda Cruz knew soon after she refinanced her home two and a half years ago she had a problem.
She thought the $1,478 monthly payment quoted by her mortgage broker included taxes and insurance. In fact, Cruz says she asked the broker repeatedly if those costs were included and was reassured they […]

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NEW YORK (CNNMoney.com) — More home owners than ever are losing the battle to make their monthly mortgage payments.
Over 900,000 households are in the foreclosure process, up 71% from a year ago, according to a survey by the Mortgage Bankers Association. That figure represents 2.04% of all mortgages, the highest rate in the report’s quarterly, […]

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Stocks on Wall Street fell sharply yesterday with fresh concerns over the health of financial firms that have invested heavily in mortgage-backed securities and a new report showing that more homeowners had fallen into foreclosure than ever before.
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