Report: Mortgage default warnings spiked in August, signaling potential new foreclosure waveOn Thursday September 15, 2011,
Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures.
The number of U.S. homes that received an initial default notice -- the first step in the foreclosure process -- jumped 33 percent in August from July, foreclosure listing firm RealtyTrac Inc. said Thursday.
The increase represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures.And:
Jobless Claims Rise Again -- 428K Weekly First-Time Benefits Requests
The number of people applying for unemployment benefits jumped last week to the highest level in three months. It's a sign that the job market remains depressed.
The Labor Department said Thursday that weekly applications rose by 11,000 to a seasonally adjusted 428,000. The week included the Labor Day holiday.
How much more Obama can this country handle?