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Report: More SoCal residents losing homes

August 13, 2009 9:13:59 AM PDT
Despite government efforts to help, more and more Americans are on the verge of losing their homes. The economy may be starting to stabilize, but that's not the case when it comes to the housing market. The latest figures have set a new record for foreclosure activity.

Southern California has been hit especially hard.

According to the figures recorded in July, one in every 62 homes in Riverside is now facing foreclosure. In San Bernardino, it's one in 72 homes.

In Los Angeles County, one in every 149 homes faces foreclosure.

According to RealtyTrac, between June and July, the foreclosure rate increased about 7 percent compared to last year, which is a 30 percent increase.

A number of companies have popped up to help people modify their mortgages, called mortgage consultants, but there is a concern of fraud.

California Attorney General Jerry Brown has instituted a number of policies to try to protect consumers.

Close to 350 of these companies now have to register with the state, and they also have to be bonded. The goal is to keep these companies from collecting fees then disappearing overnight.

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