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homes that received an initial default notice — the first step in the foreclosure process — jumped 33% in August from July, foreclosure listing firm RealtyTrac said Thursday.

The rise represents a nine-month high and the biggest monthly gain in four years. The spike credit report three Spokane signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures. This is really the first time weve seen a significant increase in the number of new foreclosure actions, said Rick Sharga, a senior vice president at RealtyTrac. annualcreditreport.com Its still possible this is a blip, but I think its much more likely were seeing the beginning of a trend. Foreclosure activity began to slow last fall after problems surfaced with how many lenders were handling foreclosure paperwork, namely several shortcuts known as robo-signing.

Many of the nations largest banks reacted by temporarily ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors. free credit report no credit card required Other factors have also worked credit report three Spokane to stall the pace of new foreclosures this year.

The process has been held up by court delays in states where judges play a role in the foreclosure process, a possible settlement of government probes into the industrys mortgage-lending practices, and lender reluctance to take back properties amid slowing home sales. A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. Experts say a revival isnt likely as long as credit report three Spokane a glut of credit report three Spokane potential foreclosures hovers over the market. credit check report Foreclosures weigh down home values and create uncertainty among would-be buyers who fret that prices may fall as more foreclosures hit the market. There are about 3.7 million more homes in some stage of foreclosure now than in a normal housing market, according to Citi analyst Josh Levin.