Foreclosure Activity Down, but Repossessions Rise
Irvine, CA, Dec. 13, 2012 -- The number of homes entering the foreclosure process in November was at its lowest level since December 2006, according to tracking firm RealtyTrac.
However, bank repossessions rose 11% over the month, and were up 5% from a year ago. They’re now at a nine-month high.
Foreclosure starts fell by 13% last month, compared with October and were down 28%, compared with a year ago.
Overall foreclosure activity dropped 3% last month.
“The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago,” said Daren Blomquist, vice president at RealtyTrac, in a news release.