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Foreclosure filings in region jump 33% in October

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By Thomas Olson
Thursday, Nov. 15, 2012, 12:01 a.m.
 

Foreclosure filings on Pittsburgh-area homes jumped about 33 percent in October from September levels and almost 35 percent from October 2011, said a report from RealtyTrac Inc.

Default notices spiked upward from year-ago levels, the Irvine, Calif.-based research firm said. A jump in foreclosure sale notices and actual foreclosure sales accounted for the increase over September.

The spike in filings in the seven-county region most of this year reflects the removal of an impediment to foreclosures. Lenders resumed action in February after litigation against five major lenders over improper procedures was settled for $25 billion.

Less than half as many homes in the Pittsburgh area were in some stage of foreclosure (one in 1,452) last month than nationally (one in 706), RealtyTrac data show. One in 1,368 Pennsylvania homes was in foreclosure last month.

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