From the Wall Street Journal online:
Newly initiated foreclosures jumped in the third quarter of the year and are expected to remain at a high level for the “foreseeable future,” a U.S. bank regulator said Wednesday.
The number of new foreclosures increased by 21.1% during the third quarter, the Office of the Comptroller of the Currency said in a report.
The rise follows an end to voluntary freezes on foreclosures started in late 2010 by mortgage servicers, the OCC said. There were 347,726 newly initiated foreclosures during the July to September period. Nearly 1.33 million foreclosures were in process at the end of the quarter; 172,785 homes were seized....
About 88% of borrowers measured in the bank regulator’s report were making their payments on time, down only slightly from the second quarter. About 9% had either missed at least two mortgage payments or were in foreclosure, and another 3% had missed just one mortgage payment....
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Link: http://blogs.wsj.com/developments/2011/12/21/foreclosures-rise-delinquencies-stable/
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