U.S. Foreclosure Activity Spikes

The housing market has shown some encouraging signs lately, but a new wave of foreclosure data offer a reminder that any recovery from the housing slump will be slow and difficult, according to MSNBC'S Economy Watch. RealtyTrac reported Thursday that foreclosure filings shot up by 9 percent in May from a month earlier, with 205,990 total properties subject to default notices, scheduled auctions or bank repossessions. The spike in foreclosure activity was likely the result of lenders finally getting to a backlog of homes they might have begun foreclosing on last year had they not been facing criticism for cutting corners and pushing foreclosures through too quickly and without adequate controls, said Daren Blomquist, a vice president with RealtyTrac.

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