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UPDATE

Briefly

August 10, 2003

* The number of California homes going into foreclosure dropped 23.5% during the second quarter from the first quarter and was down 15.7% from last year. Southern California defaults fell 24% in the latest quarter from a year ago, DataQuick Information Systems reported.

* Applications for mortgages rose for the first time in three weeks, even as the average rate of 30-year mortgages advanced to 6.34%, the Mortgage Bankers Assn. of America and Freddie Mac reported.

* Rising interest rates prompted the NAR to lower its 2003 forecast for home sales gains to 1.6%, down from 2.9%.

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