More US homes facing foreclosure risk in June
Photographer: iStockPhoto
Posted: 07/12/2012
LOS ANGELES - New foreclosure data show that banks are increasingly placing homes with unpaid mortgages on a countdown that could deliver a swell of new foreclosed properties onto the market next year.
Foreclosure listing service RealtyTrac Inc. said Thursday that the number of U.S. homes entering the foreclosure process for the first time increased on an annual basis for the second month in a row in June.
The increase comes as banks step up action against borrowers to tackle a backlog of mortgages behind in payments.
The trend could end up creating a wave of bank-owned properties that would likely hit the market, but not before next year.
RealtyTrac notes that it took an average of 378 days for a U.S. home to complete the foreclosure process in the second quarter.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
PRINTTampa Bay Jobs
-
Find jobs in Tampa Bay
Looking for a new career? New job advice? We are here to help. Check out all the latest Tampa Bay jobs.
Top Money Headlines
-
Former local teacher is 'Chief Coconut'
A former Osceola High School teacher is selling millions of dollars of organic coconut oil in a fast growing start-up business. Kelapo coconut oil is available at Whole Foods, Rollin' Oats, and soon, Publix.
-
Power surge fee doesn't cover all
-
Consumer Alert: Chrysler to recall Jeeps
-
Consumer Reports: Double ovens
-
EZ home inventory in case of storm
-
Consumer Update: Home safety
