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Bank Of America Foreclosure Notices Reportedly Spike In August
The Huffington Post   Bonnie Kavoussi   First Posted: 9/13/11 10:09 PM ET Updated: 9/13/11 10:09 PM ET

Nearly a year after announcing plans to halt foreclosures in all 50 states, Bank of America reportedly is ramping up foreclosures of delinquent homes in a move that other banks may be paralleling.

Bank of America sent more than twice as many notices of default to homeowners in August as in previous months, CNBC reports. A notice of default marks the first stage of the foreclosure process in states such as California and Nevada, where foreclosures do not go through a judge.

If the number of foreclosures continues to rise as the robo-signing scandal subsides, the influx of discounted foreclosed homes on the housing market could drive down housing prices and weigh on the general economy.....................>>>>.....................>>>>.....................http://www.huffingtonpost.com/2011/09/13/bank-of-america-foreclosures_n_960613.html