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US Foreclosures Plummet 21 Percent in November
The number of foreclosure notices filed in the US plummeted 21 percent in November, the biggest one-month drop ever reported by RealtyTrac. Filings were also 14 percent below the level reported in November 2009.
The number of homes actually lost to foreclosure plunged even more steeply during the month, to 67,428. That's a staggering 28 percent decline from the 93,236 reported foreclosures in October. Repossessions are down a full 33 percent since September.
The decline in total filings, which includes notices of default, repossessions, and scheduled auctions, comes on the heels of a 4 percent drop in the measure from September to October. Robert Saccacio, CEO of RealtyTrac, says the downward trend can be attributed to fallout from the robo-signing controversy.
The Robo-signing issue exposed questionable industry practices that critics allege violated state laws and regulations. Several lenders halted foreclosures altogether until they could review their practices and determine if changes were needed. These moratoriums were directly responsible for the majority of the decline in seizures in November.
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