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CA homeowners defaulting on loans

More state homeowners are defaulting on their loans. A San Diego company that
tracks foreclosure activity says falling home prices in California has caused
an increase in default notices.

The company says when home prices drop, it's harder for people to sell their homes to pay off the lender. A company spokesman says defaults would have to double from today's level before they'd impact home values. Most people sell their homes and pay off the loan to avoid losing their home.

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