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Kern County had the nation’s ninth riskiest residential mortgage market during the first three months of the year, according to a Monday report by First American CoreLogic, a Santa Ana-based real estate data company. At the end of 2007, the county ranked No. 8 among the 100 large metropolitan areas reviewed in the quarterly report. Eight of the top 10 high-risk markets, defined as those where home loans are most likely to become delinquent, were in California, the report states. Risky mortgage markets are typically characterized by double digit home price declines and deteriorating labor markets, CoreLogic reports. Kern home prices depreciated 20 percent in the first three months of  2008 compared with the same time period a year ago, according to CoreLogic. Foreclosures and risk of fraud are also factored into the report’s ranking system. The report is attached (click on the blue icon). -Vanessa Gregory, staff writer
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