Moreover, the rate of foreclosures nationwide is expected to increase again. According to RealtyTrac, the number of U.S. homes that received a first-time default notice during the third quarter increased 14 percent compared to the second quarter. That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industry wide foreclosure processing problems emerged last fall.
A pickup in foreclosure activity could also mean a potentially faster turnaround for the U.S. housing market. Experts say a recovery isn’t likely to occur as long as there remains a glut of potential foreclosures. Still, the jump in initial third quarter defaults is significant because it is the first increase after five consecutive quarterly declines, suggesting banks are gradually addressing their backlog of homes in foreclosure. More...
Source: Florida Association of Realtors
