Number Of Homes Facing Foreclosure Rose In July
The nation’s biggest mortgage lenders reached a $25 billion settlement in February with state officials. That cleared the way for banks to address their backlog of unpaid mortgages.
On average, 104,000 homes have entered the foreclosure process each month going back to May. RealtyTrac says that’s well below the 178,000 per-month average in 2009.
The number of homes receiving foreclosure-related notices last month increased generally in states where the courts play a role in the foreclosure process. Illinois is one of those states.