A drop in home repossessions dropped 9 per cent from Sept to Oct ,Reality Trac , a foreclosing listing firm said, as several major lenders temporarily halted most or all of their foreclosures amid allegations thousands of foreclosures were handled improperly.
The lenders seized more than1 million homes this year.
Some lenders had suspended taking action against borrowers severely behind in payments have announced plans to resume doing so but at a slower pace in am attempt to ensure there aren’t any flaws in the process In October 93,000homes were taken back, down from a peak of 102,134 in September, Realty Trac said, a company that tracks notices for defaults and schedules home auctions and home repossessions and warnings that can led up to a home eventually being lost in foreclosure. When the freeze was announced there was probably a lot of foreclosures that were already in progress that led Florida’s numbers being not as affected as much in October as some of the other states.
Thousands of foreclosure cases are being reviewed by GMAC and are being evaluated on a case by case basis.. Nevada had the highest foreclosure rate last month ,with one in every 79 households receiving a foreclosure notice, rounding out the other to 10 states with the highest foreclosure rate in October were, Florida, Arizona, California, Michigan, Utah, Georgia, Idaho, Illinois and Colorado.
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