Mortgage servicers started more foreclosures in May than a year ago, the first year-over-year increase since early 2011, according to Lender Processing Services ($25.32 -0.15%) data.
Foreclosure starts increased 2.8% from May 2011 and climbed 11.6% from April 2012.
Data from RealtyTrac released last month showed a similar rise in foreclosure starts.
The numbers show the foreclosure process rebooting two months after state attorneys general and the five largest servicers struck a $25 billion settlement in March over past foreclosure abuses.
Still, a backlog remains. Roughly 7.32% of all mortgages tracked by LPS are either in serious delinquency or somewhere in the foreclosure process. The percentage has been on the decline since hitting 7.69% at the beginning of the year.
via LPS: Foreclosure starts up 2.8% from one year ago | HousingWire.
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