US mortgage foreclosures spiked in the third quarter, as fewer borrowers qualified for loan modifications that would have reduced their monthly payments, bank regulators have revealed.
The jump in foreclosures and decline in loan modifications are further signs that problems in the US housing market are persisting, in spite of forecasts of a recovery issued by some analysts before the year end.
The number of homes entering foreclosure had risen 31 per cent compared with the second quarter and 3.7 per cent compared with the same period a year earlier, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said in their joint report.
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