• Posted on Wednesday, July 23, 2008

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Calif. Merced County has highest foreclosure rates in U.S.

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By J.N. Sbrant | Modesto Bee

More than 17,000 Valley homes have been lost to foreclosure during the past year, data released Tuesday show.

The number of homes repossessed by lenders continues to skyrocket throughout Merced, Stanislaus and San Joaquin counties, according to DataQuick Information Systems.

In Merced, 1,223 homes were foreclosed this spring, pushing its one-year total to 3,174. That means 1 in 20.5 Merced homes was lost.

During the same period, 2,207 homes were foreclosed on in Stanislaus, pushing the county's one-year total to 5,554, or about 1 in 25 homes.

Statewide, by comparison, 1 in 52 homes was taken back by lenders during those 12 months. California lost 63,031 homes to foreclosure this spring and 166,087 during the past year.

Read the complete story at mercedsunstar.com

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