More homes are starting to enter the foreclosure process. According to Realtytrac, the number of homes that received first-time foreclosure notices was up seven percent for the month of March. That marks the third consecutive monthly increase this year.
Experts say it reflects renewed efforts by banks to take action against homeowners who fail to keep up with mortgage payments.
A government watchdog will issue a report Thursday, criticizing the homeowner bailout program. It says the Treasury Department fumbled the program, which is aimed at staving off foreclosure for people who are unemployed or owe more than their homes are worth.
The report shows the program has only reached seven percent of homeowners and, of those homeowners, only three percent have received the money.
The program expires in 2017.
