Foreclosure activity soars in third quarter, ending lengthy lull

Bruce Norris, president of Norris Group, an investment company in Riverside that buys foreclosed homes, said the repossessions are \”unfortunately, unrealistically small\” when compared with what banks need to do to keep up with the number of homeowners falling behind on their mortgages. \”It is just going to take a very long time to hit a firm bottom and to go up for real,\” Norris said. \”You have so many people who are not making their payments.\”