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Thursday, July 12, 2012

New foreclosures jump 9%

English: Foreclosure Sign, Mortgage Crisis
English: Foreclosure Sign, Mortgage Crisis (Photo credit: Wikipedia)
Foreclosures showed few signs of slowing during the first half of the year, with a sharp increase in new filings occurring during the second quarter.
More than one million homes had foreclosure filings -- notices of default, auction notices and bank repossessions -- during the first six months of 2012, up 2% from the previous six months, according to RealtyTrac, an online marketer of foreclosed properties. And while the number of filings was down 11% from the first six months of 2011, 20 states still saw a marked year-over-year increase. Foreclosure filings in Indiana, Pennsylvania, South Carolina, Connecticut, Florida and Illinois increased by 20% or more.
Even more troubling was a surge in new foreclosure starts that occurred during the second quarter. The number of homes with new foreclosure filings was up 9% from the first quarter and was 6% higher than the second quarter of 2011, marking the first year-over-year increase since the last quarter of 2009. Much of the uptick is due to the $26 billion foreclosure abuse settlement that was reached in April, said Daren Blomquist, a spokesman for RealtyTrac. Among other things, the settlement set clear guidelines for the banks on how to properly foreclose on delinquent borrowers. ... Continue to read.
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