US foreclosures still rising

In recent weeks there have been various reports suggesting real signs of recovery across the USA real estate markets but latest figures show foreclosures are still increasing. Research from RealtyTrac. shows than more 1 million residential properties were in the process of foreclosure during the first six months of the year – this includes all stages covering of the process from default notices – auction sale notices through to lender repossession this represents a 2 per cent increase on the last six months of 2011 and the first annual quarterly increase since the end of 2009. Due to the scale of the problem most lenders and banks have huge numbers of delinquent loans which has caused the usual process to take longer than normal but in general the majority of American home mortgage providers are beginning to work through the backlog which could account for the increase. During June the highest foreclosure rate was seen throughout California which was 18 per cent higher than the same month in 2011, over the first six month of 2012 foreclosure activity increased across Indiana by more than 30 per cent.