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US foreclosures still near record level

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US foreclosures still near record level

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The number of people having to give up their homes in the US because they could not pay their mortgage fell slightly in August, but remained near record levels.

Mortgage foreclosure filings were just one percent down from July’s record high and up 18 percent on August last year. That is despite broad efforts to keep borrowers in their homes. The property data firm RealtyTrac, which compiled the figures, said the foreclosure total will probably rise for another year.