Newly started foreclosures rose 12 percent in October from December, a new report from RealtyTrac revealed.
CNBC reports that this is the largest monthly increase since August 2011, and more than twice the gain from September to October in the last five years, a time when banks “try to get ahead of the traditional December moratoriums,” CNBC’s Diana Olick reports.
So why this sudden spike in October 2015, after a steady decline of foreclosures for the past several years?
“Part of the annual increase this year could be due to already troubled loans that were modified but are now re-defaulting,” Olick writes.
