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06/28/09
45,000-plus Valley properties remain in foreclosure
Filed under: General, Real Estate
Posted by: Lillian Wong @ 12:12 pm

Thomas Kelly explains the foreclosure process to those outside the banking industry by likening it to a tube.

 

“You get put in the tube when you’re 90 days late, and you might come out the other end of the tube six months later,” said Kelly, spokesman for JPMorgan Chase & Co.

 

What Kelly’s analogy doesn’t explain is how, for the past three years, thousands more Phoenix-area property owners have been entering the tube each month than coming out of it.   more…



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