Surge in Foreclosures Expected. Defaults Surged 33% in August

Posted on September 15, 2011

A new wave of foreclosures is on the way. Realtytrac reports that Default notices were filed for the first time on a total of 78,880 U.S. properties in August, a nine-month high and a 33% jump from July.

James Saccacio, chief executive officer of RealtyTrac, says, "The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems. It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process."

Take a look: