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Arizona, California, Nevada and Florida led the nation for skyrocketing home prices a few years ago. Now these states are leading the nation for increases in foreclosures. Data from the Mortgage Bankers Association of America released Thursday show these states posted the biggest gains in new foreclosures during the first quarter of 2007. Arizona fared slightly better than the other states and is at the bottom of the dubious list. Mortgage Bankers Chief Economist Doug Duncan said the nation’s overall foreclosure rate wouldn’t have climbed during the first quarter if these states hadn’t posted such significant increases.   More…

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