The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14% from the second quarter, said RealtyTrac, an online real estate research firm, Thursday.
That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than before.
The surge in default notices means homeowners who haven't kept up their mortgage payments could now end up on the foreclosure path sooner.
In all, 195,878 properties received a default notice in the third quarter.
And also, Nationwide, foreclosure filings totaled 610,337 in the third quarter, which increased from the second quarter, said RealtyTrac.
These properties will eventually get into the market and will put so much pressure on the prices going forward, which will definitely delay the recovery of the US Housing Market.
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