California, Florida drive record foreclosures

FDIC warns of more bank failures

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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 like Texas, Massachusetts and Maryland, said MBA chief economist Jay Brinkmann.