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Defaults on De Rise

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The latest default numbers from the Los Angeles Times' Peter Hong: "In April, 7.16% of Los Angeles County mortgages were in default, up from 4.67% in April 2008, according to First American, which reports on foreclosures as a percentage of active mortgages, rather than as a share of total households as some other firms do." Which means? "That means a whole lot of distressed inventory is on its way to being resold on the open market, putting more downward pressure on home prices." [LA Times]