Report: foreclosures are on the rise again

In this June 9, 2011 file photo, a "sold" notice is posted on the "for sale" sign of a house, in Seattle. (AP Photo/Elaine Thompson, file)

October 13, 2011 10:16:33 AM PDT
A new report indicates foreclosures are on the rise again. According to RealtyTrac, the number of homes that received a first time default notice is up 14 percent from last quarter.

California has the second highest foreclosure rate in the United States. One in 88 homes in the state received a foreclosure notice last quarter.

The increase is seen as a sign that banks are moving more aggressively against borrowers who have fallen behind on their payments. Real estate experts say a revival in the housing market isn't likely to occur as long as there is a glut of potential foreclosures.