US homes lost to foreclosure drops 9 pct in Oct.

By: Associated Press
By: Associated Press

Thursday, November 11, 2010

LOS ANGELES (AP) -- Foreclosure listing firm RealtyTrac says the number of homes repossessed by lenders last month fell by the sharpest margin this year.

The company says home repossessions dropped 9 percent from September to October.

That's because several major lenders temporarily halted most or all of their foreclosures amid allegations thousands of foreclosures were handled improperly. But in recent weeks, some lenders have announced plans to resume forclosures, though at a more measured pace, in an attempt to ensure there aren't any flaws in the process.

That means the number of homes lost to foreclosure should begin picking up again, but at a much slower pace.

Among states, Nevada posted the highest foreclosure rate last month, with one in every 79 households receiving a foreclosure notice. That's nearly 5 times the national average.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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