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Foreclosure Spikes Signal “Spring Cleaning” RealtyTrac says

As the housing industry continues to recover we see
occasional troublesome spikes in one statistic or another.  RealtyTrac reported a couple of such statistics
in its U.S. Foreclosure Market Report for January, surges that, at first glance
look ominous, but are probably good news.

First, RealtyTrac reports that overall foreclosure activity
increased during the month, driven primarily by a large uptick in completed
foreclosures or bank repossessions which surged to a 15 month high and a much
smaller increase in scheduled foreclosure auctions.  Rather than signaling further trouble,
however these numbers, occurring as they do in the last two steps in the process,
are likely indications that lenders are finally, to paraphrase Daren Blomquist,
RealtyTrac vice president, “cleaning up.”

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