L.A. Foreclosure Cataclysm Hits Anew

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Home foreclosures in Los Angeles County soared more than 60 percent in February after moderating for several months, a sign that mounting job losses are exacerbating the market’s woes, an industry tracker said.

Foreclosures and notices of default both made huge jumps from the prior month and the previous year, suggesting that unemployment has joined bad loans in beating down the housing market, Foreclosures.com analysts wrote in a new report.

“Despite the efforts to stem foreclosures by government and many banks, the hopeful signs of the last quarter of 2008 and January didn’t follow through in February,” company President Alexis McGee said in an interview.

A total of 3,921 foreclosures were reported in February, up 69 percent from 2,314 in January and 58 percent from 2,481 in February 2008.



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