"Real estate values are dropping as foreclosures undermine prices. Almost a third of homes sold in June were distressed properties, meaning foreclosures or short sales, in which a bank agrees to a sale for less than the loan balance, the Chicago- based Realtors group said last month. The mortgages on 6.5 million U.S. homes had late payments or were in foreclosure in June, according to Lender Processing Services Inc. in Jacksonville, Florida."

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