California default notices spiked 55% in August, and the number may keep rising in the coming months as mortgage servicers shake off the robo-signing freeze, according to RealtyTrac Senior Vice President Rick Sharga.
In August, servicers filed 28,961 default notices in California, the first stage of the foreclosure process in the state, RealtyTrac showed. Another filing tracker ForeclosureRadar found a similar boost in foreclosure starts along the West Coast and said Bank of America (BAC: 6.9491 -3.89%) led all major banks with a 116% jump in August alone.
"The industry has not yet returned to normal or necessary foreclosure activity levels, but progress is certainly being made," a BofA spokesperson said.
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