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California, Florida drive record foreclosures

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The percentage of homes in the foreclosure process hit a new record in the second quarter, and homes continued to enter the foreclosure process at a record rate, the Mortgage Bankers Association said today.In looking at the nation as a whole, a majority of states saw little change, but increases in foreclosures in California and Florida outweighed improvements in states such as Texas, Massachusetts and Maryland, said MBA chief economist Jay Brinkmann.The percentage of loans in the foreclosure process at the end of the second quarter was 2.75 percent, compared with 2.47 percent in the first quarter and 1.4 percent a year ago.The percentage of loans on which foreclosure actions were started hit 1.08 percent, up from 1.01 percent last quarter and 0.59 percent a year ago. With California and Florida accounting for 39 percent of all foreclosures starts, and 73 percent of the increase in foreclosures between the first and second quarters, it's "somewhat meaningless" to look for a ...