Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
NUMBER OF HOMES FACING FORECLOSURE ROSE IN JULY
http://hosted.ap.org/dynamic/stories/U/US_FORECLOSURE_RATES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-09-06-29-06LOS ANGELES (AP) -- More U.S. homes started on the foreclosure path in July, as lenders tackled a backlog of mortgages gone unpaid even as they pulled back on home repossessions.
The number of homes that received an initial notice of default - the first step in the foreclosure process - increased 6 percent in July compared to the same month last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
Filings of initial default notices have increased on an annual basis for three months in a row.
The trend comes as banks work to make up for time lost last year as the mortgage-lending industry grappled with allegations that it had processed foreclosures without verifying documents.