Realtytrac, the foreclosure listing service, reported that, for the month of August, foreclosure filings increased month over month by 33%, to 78,880, suggesting that banks and mortgage servicers are once again looking to flush the backlog of foreclosed and repossessed properties hanging over the residential real estate market. The numbers are still down relative to a year ago but the August rate represents a nine month high in terms of new foreclosure actions.
According to Laurie Goodman at Amherst Securities, a specialist in the residential mortgage securities space, more than 10mm of the 55mm outstanding mortgage loans are at risk of default in the years ahead.
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