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Halt in foreclosures process in October shows up in monthly drop
The number of U.S. homes repossessed by lenders last month fell, as several major lenders temporarily halted the process amid allegations that thousands of foreclosures were handled improperly.
Home repossessions dropped 9 percent from September to October, foreclosure listing firm RealtyTrac said Thursday.
Repossessions fell 8 percent in Washington state and 12 percent in King County, but were unchanged in Snohomish County from the previous month.
RealtyTrac reported 1,175 King County homeowners received notices in October that their homes face foreclosure — up 31 percent from September and a whopping 239 percent from October 2009.
Lenders such as Bank of America, Ally Financial`s GMAC Mortgage and JPMorgan Chase & Co. suspended some or all of their foreclosure activity after the foreclosure documents mess erupted in late September. In recent weeks, they announced plans to resume some foreclosure actions.
Banks have seized more than 909,000 homes through the first 10 months of the year. and, even with the delays caused by the temporary foreclosure freeze, are on pace to take back more than 1 million homes this year.
Read the full article here.
The number of U.S. homes repossessed by lenders last month fell, as several major lenders temporarily halted the process amid allegations that thousands of foreclosures were handled improperly.
Home repossessions dropped 9 percent from September to October, foreclosure listing firm RealtyTrac said Thursday.
Repossessions fell 8 percent in Washington state and 12 percent in King County, but were unchanged in Snohomish County from the previous month.
RealtyTrac reported 1,175 King County homeowners received notices in October that their homes face foreclosure — up 31 percent from September and a whopping 239 percent from October 2009.
Lenders such as Bank of America, Ally Financial`s GMAC Mortgage and JPMorgan Chase & Co. suspended some or all of their foreclosure activity after the foreclosure documents mess erupted in late September. In recent weeks, they announced plans to resume some foreclosure actions.
Banks have seized more than 909,000 homes through the first 10 months of the year. and, even with the delays caused by the temporary foreclosure freeze, are on pace to take back more than 1 million homes this year.
Read the full article here.