RealtyTrac: Number of Michigan homes receiving first notice of foreclosure increasing
September 15, 2011
Source: Cami Reister
Department: Grand Rapids Press
A nationwide surge in the number of homes receiving default notices means banks are starting to work through the log jam of paperwork, according to a national tracking firm.
Default notices are typically the first step in a foreclosure process and those tallies grew to a nine month high nationally, topping last month's totals by 33 percent for the largest monthly increase since August 2007, according to California-based RealtyTrac.