Sean King

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Knoxville, Tennessee, United States

Saturday, July 17, 2010

Deflation News

LA Times:
U.S. bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to Irvine research firm RealtyTrac. That was also a jump of 5% from the previous quarter. If that pace continues through the year, the number of homes taken by banks is likely to top 1 million by the end of 2010, said Rick Sharga, RealtyTrac senior vice president.

And that's before this summer's massive round of mortgage resets takes effect.

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