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San Fernando Valley foreclosure rate hits 7-year low

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According to the Los Angeles Daily News, foreclosure activity in the San Fernando Valley plummeted to its lowest level in nearly seven years last month, as housing prices continued to rise, giving troubled borrowers more leverage.

Last month, foreclosures plunged 64.7 percent, to 63 properties from 235 a year earlier and down from 103 in July, said the San Fernando Valley Economic Research Center at California State University, Northridge.

It’s the first time foreclosures dipped below the 100 mark since December 2006, just before the market tanked during the Great Recession.

Source: LA Daily News
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