U.S Foreclosure Activity hit 7-month High in Oct
According to Florida Realtor News, Associated Press:
The U.S. saw a total increase of 10 % in October from September in the properties that received an initial default notice. Florida saw a much higher increase in just a month, seeing a 28% jump from September to October in homes receiving an initial default notice. In the U.S. a total of 230,678 homeowners received a foreclosure-related warning in October. This is up 7 % from September, but down 31 % from October 2010. Foreclosure auctions for the U.S. rose 7 % from September but increased by 35 % in Florida.
The article also states “Industry experts say a housing market turnaround isn’t likely to occur as long as there remains a glut of potential foreclosures hovering over the market, so October’s increase in foreclosure activity means a potentially faster revival for housing.”