Foreclosures Down as Investors Step Up
Irvine, CA, Nov. 14, 2013 -- Fewer U.S. homes are completing the foreclosure process because investors are increasingly buying up the distressed properties at public auction, according to tracking firm RealtyTrac.
Some 37,775 homes nationwide completed the foreclosure process in October, down 29% from a year ago.
Foreclosure starts also fell 34% from October 2012, the firm said.
Foreclosure starts have been down nationally on an annual basis for 15 months in a row, while home repossessions have fallen annually for 11 straight months.
"We're still firmly on the road back to normal foreclosure levels, but continue to see the foreclosure problem persist in areas that had delays in the foreclosure process," said Daren Blomquist, a vice president at RealtyTrac.