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English definition of “foreclosure”

foreclosure

noun [C or U]     /fɔːˈkləʊʒər/ US   /fɔːrˈkloʊʒɚ/
FINANCE, PROPERTY the act of taking back property that was bought with borrowed money because the money was not being paid back as agreed : There are concerns about the current housing market , where prices are falling and foreclosures are rising .go into/enter/face foreclosure When a number of homes go into foreclosure, neighborhood home values take a heavy hit . home / mortgage foreclosures a foreclosure filing / notice / suit a foreclosure auction / sale
(Definition of foreclosure noun from the Cambridge Business English Dictionary © Cambridge University Press)
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