Mortgage default warnings surged in August - Yahoo! Finance

Mortgage default warnings surged in August - Yahoo! Finance

WE've been telling you there was no real slowdown... .it was all a waiting game. Wonder what will happen since after foreclosure the government is only trickling the houses back onto the market in an effort to stabalize the economic impact. OH WAIT, it's okay to step up foreclosures to get through the pipeline quickly - but not okay to let the houses back onto the market to quickly reach bottom. There are properties still sitting after years of vacancies, what will happen in YOUR neighborhood. The biggest question I have is with all the foreclosures and bankruptcies, who is left credit worthy to buy or rent?

Mortgage default warnings surged in August - Yahoo! Finance: "LOS ANGELES (AP) -- Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures.

The number of U.S. homes that received an initial default notice -- the first step in the foreclosure process -- jumped 33 percent in August from July, foreclosure listing firm RealtyTrac Inc. said Thursday.

The increase represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures."

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