Foreclosure Warnings and Repossessions Increase in October

The American Bankruptcy Institute brings alarming news by way of its daily update.  The ABI summary of the Wall Street Journal article is below.
RealtyTrac: Lenders Stepped Up Foreclosure Warnings, Repossessions in October
More U.S. homes entered the foreclosure process in October than in the previous month, with Florida, Pennsylvania and Indiana registering among the largest monthly increases, new data show, The Washington Post reported today. Some 77,733 properties received an initial default notice last month, up 10 percent from September, foreclosure listing firm RealtyTrac Inc. said Thursday. The number of homes scheduled to be auctioned or repossessed by lenders also posted monthly increases. All told, notices of default, scheduled auctions and bank repossessions hit a seven-month high in October. The numbers are further evidence foreclosure activity is picking up. The rate that homeowners were 60 or more days late on their mortgage payment rose in the June-to-September period for the first time since the last three months of 2009, according to TransUnion. The credit reporting agency said 5.88 percent of homeowners missed two or more payments, an early sign of possible foreclosure. That was up from 5.82 percent in the second quarter of 2011. Read more (free subscription required).

Mansfield Law Office is here to help if you are caught in this increase in foreclosures in Ventura County.