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Home Foreclosures on the Rise
The number of home foreclosures in the United States rose a staggering 42% in 2006 as homeowners are becoming more and more overextended with mortgage debt.
This jump of foreclosures in Norfolk and Portsmouth signals a return to normalcy in the housing market as it continues to cool after blistering, multi year highs of sales and appreciation. The majority of the people feeling the effects of this foreclosure jump are those who chose to buy using creative mortgages, thinking that the home appreciation would continue on the record pace.
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