Foreclosure Inventory Hits Record Level in June

"And it’s not just the overall inventory of foreclosures that is increasing, either: New foreclosures are on the rise, as well. “Foreclosure starts in June increased 1.6 percent to the second highest level on record, while reinstatement and recidivism rates are not yet showing signs of improvement,” LPS said in a statement. Backing this sort of logic up, July ABX remittance data released Tuesday found that modification rates had actually declined slightly during the month among most of the tradeable indexes."