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Rising unemployment accelerates foreclosure crisis


Yahoo News
Last updated:
Fri, 17 Jul 2009 13:28:00 +0000

Relentlessly rising unemployment is triggering more home foreclosures, threatening the Obama administration's efforts to end the housing crisis and diminishing hopes the economy will rebound with vigor.

In past recessions, the housing industry helped get the economy back on track. Home builders ramped up production, expecting buyers to take advantage of lower prices and jump into the market. But not this time.


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