Wednesday, December 7, 2011 - What’s Really Driving Foreclosure Increases - Daily News Article

Locally based RealtyTrac recently released its US Foreclosure Market Report for October 2011, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 230,678 US properties for the month, a 7% increase from September. The report also shows one in every 563 US housing units with a foreclosure filing during the month. Local experts say the uptick will continue.

According to James Saccacio, CEO of RealtyTrac, “recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”

Saccacio explains that the October numbers “continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems.”

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