by Calculated Risk on 11/10/2011 12:11:00 PM

From RealtyTrac: U.S. Foreclosure Activity Hits 7-Month High in October

RealtyTrac® ... today released its U.S. Foreclosure Market Report™ for October 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 230,678 U.S. properties in October, a 7 percent increase from the previous month, but still down nearly 31 percent from October 2010.
...
“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac.
...
Default notices (NOD, LIS) were filed for the first time on a total of 77,733 U.S. properties in October, a 10 percent increase from September, but still down 23 percent from October 2010. Default notices in states using the judicial process (LIS) reached an 11-month high of 39,282 in October, a 16 percent increase from the previous month, but still down 31 percent from October 2010.
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Foreclosure auctions (NTS, NFS) were scheduled on 85,321 U.S. properties in October, up 8 percent from the previous month, but still down 38 percent from October 2010.
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Lenders repossessed a total of 67,624 U.S. properties (REO) in October, a 4 percent increase from the previous month, but still a 27 percent decrease from October 2010.

It appears the pace of foreclosure activity is picking up again. I don't think we will see a huge increase in activity until the mortgage settlement is announced - and that might lead to more modifications too.

Earlier:
• Weekly Initial Unemployment Claims decline to 390,000
• Trade Deficit declines in September as Exports increase