RealtyTrac: US Foreclosures Up 14 Percent

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The number of U.S. homes in foreclosure is up from the previous quarter, according to new report by RealtyTrac.

The market researcher reports a 14 percent increase in first-time default notices from July to September.

Those notices are the first step in a process that leads to repossession. The increase signals banks are more aggressively moving against homeowners who have fallen behind in their mortgage payments.
But faster foreclosures could also mean a faster turnaround for the housing market.

Experts say the market likely won't see a revival while there are a large number of potential foreclosures.

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