Making It in the Bay

Home foreclosures rising in California. Here's why

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A new study shows home foreclosures in California are up more than 20% from this time last year.

The California numbers follow a nationwide trend and are the second highest amount of any state in the country, but are nowhere near the amount of foreclosures seen during the 2008 crash.

Part of the reason many are are defaulting on the mortgage loan are the adjustable rate mortgages that have shot up suddenly after the recent rise in interest rates.

NBC Bay Area's Scott Budman has more in the video report above.

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