Mortgage defaults rose by
one-third in August
Source:
Informa Research Services
(9/16/2011) The
rate at which consumers fell behind on their mortgages surged in the month of
August, while all foreclosure filings ticked up less
significantly.
Default
notices - those sent to consumers who fall behind on their mortgage payments for
the first time -surged to 78,880, a 33% increase from the total seen in July,
according to the latest monthly statistics from the data analysis firm
RealtyTrac. That's the highest number observed in nine months, but still down
18% from the rate in the same month last year.
Consumers
who are facing foreclosure may benefit from refinancing their existing home loans to make them more affordable. By checking the latest
online rate tables to find the best local mortgage
rates,
homeowners can often cut the size of their monthly bills by as much as a few
hundred dollars.
"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," said James Saccacio, chief executive officer of
RealtyTrac. "It also foreshadows more bank repossessions in the coming months as
these new foreclosures make their way through the process."
