Despite the economy improving slowly but surely, the number of foreclosures are on the rise.
The foreclosure listing firm RealtyTrac says foreclosures were up 8% in January from December.
While that number seems bad, it’s down 15% from a year earlier.
Unfortunately, the number of foreclosures is expected to rise because of a recent agreement between 49 states and the country’s largest mortgage lenders.
The mortgage lenders were accused of “robo-signing” foreclosure forms, speeding up the process and at times foreclosing on homes that shouldn’t have been.
As a result, an investigating was started, and the agencies temporarily stopped foreclosing on homes.
Now that mortgage lenders are once again foreclosing, RealtyTrac projects foreclosures will go up 25% this year to around 1 million homes.