New Foreclosures Hit Nine-month High
First-time default notices to US homeowners hit a a nine-month high in August with 78,880 filings, according to RealtyTrac as reported in the Wall Street Journal. The August news is a disturbing indicator.
"The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems," said RealtyTrac Chief Executive James Saccacio. (see prior blog: Foreclosure Freeze) "It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process."
But there's also some good news, or at least better news. Total U.S. properties in foreclosure fell 33% in August from a year earlier, marking the 11th consecutive month of year-over-year declines.
