Foreclosure starts on the rise

Foreclosure starts on the rise

Data suggest more short sales, bank repossessions ahead

Portfolio Relevance


By Amy Hoak, MarketWatch

CHICAGO (MarketWatch)—The number of mortgages entering the foreclosure process in June rose 4% compared with a year ago—the second month in a row foreclosure starts were up over the year—according to a RealtyTrac report on Thursday.

Overall foreclosure activity fell 3.96% in June, compared with May, and was down 11.18% year over year. Foreclosure activity is a measure of foreclosure filings, which include default notices, auction sale notices and bank repossessions.

“Additional scrutiny on how lenders and servicers process foreclosures, along with aggressive foreclosure-prevention efforts by the federal government and several state governments, continue to keep a lid on the foreclosure problem at a national level,” Moore said.

But in 20 states, foreclosure activity increased in the first half of the year, when compared with the same period a year ago, according to the report. Indiana, Pennsylvania, South Carolina, Connecticut, Florida and Illinois are several of the states where activity increased the most.

More than 1 million properties received a foreclosure filing in the first half of 2012. That translates to one in 126 properties which received a filing from January through June.

Amy Hoak is a MarketWatch reporter based in Chicago.


About - Tom Ramsey, local Realtor

Local Portland Realtor with 10 years experience specializing in residential sales and investment property. Tom Ramsey Oregon Real Estate Principal Broker John L Scott Real Estate Phone: 503-481-0501
This entry was posted in Foreclosure, Home Buyers, Home Sellers, Market Report, News, Short Sales. Bookmark the permalink.

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