US foreclosure activity edged higher in 3Q

LOS ANGELES (AP) — More U.S. homes are entering the foreclosure process, but they're taking ever longer to get sold or repossessed by lenders.

The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter, RealtyTrac Inc. said Thursday.

That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industrywide foreclosure processing problems emerged last fall. Those problems resulted in a sharp drop in foreclosure activity this year.

The surge in default notices means homeowners who haven't …