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Annual Home Foreclosures Soared by 48% in May, Says Report

U.S home foreclosures grew by 7% percent in May and increased by 48% annually, according to a report released by RealtyTrac. That is the highest rate since the firm began tracking foreclosures in 2005.

There were 261,255 foreclosure filings in May as one in every 483 U.S. households received a foreclosure notice during the month.

"May was the third straight month where we've seen a month-to-month increase in foreclosure activity and the...