U.S. lenders started foreclosures on more properties in the third quarter, the first increase in a year, as a backlog stemming from claims of faulty home seizures began to ease.
New foreclosures rose to 1.08 percent of all loans from 0.96 percent in the prior three months, according to a report Thursday from the Mortgage Bankers Association. The rate had been falling since the third quarter of 2010, when regulators began investigating robo-signing, the practice of pushing through unverified paperwork.
Several of the nation's largest banks called a temporary halt to foreclosures at the end of last year while they addressed claims of flaws in their court documents. The moratoriums clogged the foreclosure pipeline as banks investigated their procedures, said Patrick Newport, an economist at IHS Global Insight.
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