Banks Increase Foreclosure Activity

Foreclosure activites on the rise again

Despite the increase in government and consumer scrutiny, the Los Angeles Times is reporting that banks filed foreclosure actions on 230,678 U.S. homes in October, a 7% increase over September. A total of 77,733 U.S. properties entered the foreclosure process by receiving a notice of default, a 10% increase from the previous month.

Specifically relating to California, the Los Angeles Times reports:

“55,312 homes received some kind of foreclosure filing last month. California default notices hit their highest level all year, up 17% from the previous month, with 29,240 default notices filed. Banks repossessed 9,770 California homes last month.”

Stockton, Modesto, the Inland Empire, Sacramento and Merced were among the top 10 areas with the highest national foreclosure rates.

Over the past several months, foreclosure actions taken by banks had slowed down due to the ongoing investigation on mishandled foreclosure paperwork and processing. Economists say this rise in foreclosure activity by the banks was inevitable as the ongoing investigation on “robo-signing” has forced banks to clean up their foreclosing procedures.

Still, we urge all homeowners who have default notices to do their research and investigate their case to ensure they do not unlawfully lose their home. If your bank has filed a default notice on your property, you still have options and we urge you to take action.