Last month, 360,149 residential properties in the U.S. either were seized or received a default or auction notice, data provider RealtyTrac said. Foreclosure filings set a record as more homeowners defaulted on their mortgages. "We're in a deep hole," said Diane Swonk, chief economist at Mesirow Financial. "There is a whole new wave of foreclosures tied to the cyclical dynamics of the economy."
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