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Foreclosure Filings Hit New High

Friday, November 18, 2011   /   by Nathan Clark

Foreclosure Filings Hit New High

Foreclosure filings in the United States increased by 7 percent from September to October, with the national rate reaching a seven-month high.

According to Foreclosure listing firm RealtyTrac, the foreclosure rate was still about 31 percent lower than in October of 2010. The climbing rate suggests that banks and mortgage servicers could be working through the delays in the process that started after last year’s “robo-signing” scandal.

“Third-quarter foreclosure activity increased marginally from the previous quarter, breaking a trend of three consecutive quarterly decreases that started in the fourth quarter of 2010,” James Saccacio, RealtyTrac CEO, said in a news release. “This marginal increase in overall foreclosure activity was fueled by a 14-percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months trying to clear the chimney of sloppily filed foreclosures.”

With the “unclogging” of the foreclosure pipeline, RealtyTrac predicts the number of foreclosure filings continue to increase.
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