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Released: October 13, 2011
Sharp rise in foreclosures as banks move in
Source: NBC, MSNBC & Associated Press
More U.S. homes are entering the foreclosure process, but they’re taking ever longer to get sold or repossessed by lenders. The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter of the year, RealtyTrac Inc. said Thursday.
That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industrywide foreclosure processing problems emerged last fall.
Read Full Article: Sharp rise in foreclosures as banks move in
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