According to a company that monitors foreclosures nationally, Indiana, Pennsylvania and Florida saw the largest increases. In total, 77,733 properties received their first notice of default. This represents a 10 percent increase from the previous month. In fact, October represented a seven-month high for scheduled auctions, notices of default and bank repossessions.
While this does not come as a surprise to financial experts, homeowners did appreciate the period of relief from last year into early this year. After the spate of robo-signings forced several lenders to stop the foreclosure process, most of these lenders have been given the green signal to resume foreclosure proceedings.