McClatchy Washington Bureau

Merced County foreclosures skyrocketed last month, hitting a record high since they became a rampant problem both locally and across the nation.

Seven hundred homes went back to the bank in December, according to figures compiled by real estate agent Andy Krotik. The month before, 470 went into foreclosure. In 2007, 218 homes were lost in December.

The recent data suggest that the foreclosure crisis is worsening locally with no immediate end on the horizon. However, first-time home buyers and even investors have been nabbing well-priced homes.

Read the complete story at mercedsunstar.com