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Foreclosures Fall 23 Percent In First Quarter

Foreclosure rates are now at the lowest level they’ve been since 2007, due in part to the increase of short sales and support from federal programs such as the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP).  Although foreclosure rates have nearly returned to the levels they were before the housing market crash, cities with serious economic issues, such as Chicago, are still struggling and states like Florida, Illinois and Georgia are continuing to work through a large backlog of foreclosures.  Still, the vice president at RealtyTrac believes “we’re getting back to normal and will be there by next year.”

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