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Foreclosures at all-time high

U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments increased, the Mortgage Bankers Association said Thursday. New foreclosures jumped to 0.83 percent of all home loans in the fourth quarter from 0.54 percent a year earlier, Bloomberg reported. Late payments rose to a 23-year high, the organization said.

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