Foreclosures up 53% in June.

Bank seizures were up a staggering 171%. $3.5 trillion in homeowner equity has vaporized since the peak in Spring 2006. By the end of the year between one-fourth one-third of all home sales will be bank-owned.

Nevada has the highest foreclosure rate, followed by California. The end is nowhere in sight and rising oil prices are making things worse for housing areas far from job centers.

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