Foreclosure starts on the rise

Foreclosure starts on the rise

Data suggest more short sales, bank repossessions ahead

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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.

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This entry was posted in Foreclosure, Home Buyers, Home Sellers, Market Report, News, Short Sales. Bookmark the permalink.

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