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Foreclosure starts down on annual basis in October

6:40 AM, Nov 15, 2012   |    comments
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LOS ANGELES (AP) - New data show that U.S. homes are entering the foreclosure process at a slower pace than a year ago, and fewer properties are being repossessed by lenders.

Foreclosure listing firm RealtyTrac Inc. says about 972,000 homes were placed on the path to foreclosure between January and October.

That's down 8 percent from the same period last year.

Banks repossessed about 559,000 homes through the end of last month, a decline of nearly 19 percent from a year earlier.

The firm says that puts lenders on pace to complete 650,000 foreclosures this year, down from 800,000 in 2011.

Foreclosure activity rose on an annual basis last month in several states, including New York, Washington State, and North Carolina.

That means potentially more foreclosures in those states in coming months.






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