Foreclosures on the rise.

[flippinout]

Foreclosures seem to be on the rise again, and that is sure not a good thing for the real estate market.

Heres what one person in the know had to say about it:

But the MBA said increased foreclosure filings by several big lenders led to the upturn in homes in foreclosure.
"While the delinquency picture changed for the better in the third quarter, the foreclosure data indicated that we are not out of the woods yet," said Michael Fratantoni, MBA's vice president of research and economics.

It is thought that the lull in foreclosures was caused by lenders working on their loan documentation. Such false hopes are kind of hard to handle when you think about all the homeowners that thought they were safe and may now lose their homes.