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Distressed assets

The stock of homes in foreclosure in the US has been rising for the past two years, a trend expected to continue through 2008 and beyond. The number of homes in foreclosure throughout the US stood at 1.5% in May 2008, compared with 0.8% in May of 2007. Serious delinquency rates, 90 days delinquent, are also rising - up 2.2% in May 2007 and 4% in May 2008. Furthermore, 2008 is the year in the US in which subprime adjustable rate loans reset at their highest rates. By early 2009, the vast majority

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