West Coast States See a Surge in New Foreclosures

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September 17, 2011
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Foreclosure starts soared during the month of August in states along the country’s western coast, reversing what had been a declining trend over the past several months, according to the tracking firm ForeclosureRadar.“Bank of America appears to be primarily responsible for the surge in foreclosure starts this month,” said Sean O’Toole, founder and CEO of ForeclosureRadar. “Since their average time to foreclose has recently increased to more than a year, it is unclear that these foreclosure starts will lead to an increase in foreclosure sales anytime soon.”

Written by:
Written on:
September 17, 2011
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