Fewer Homes Repossessed by Banks in October

by Sally Lawrence

The LA Times reports that 9% fewer homes nationwide were seized in October.  This is a significant drop from September.  The drop for California is a whopping 23% lower in October than in September.

Many analysts are attributing the drop to the foreclosure freeze instituted by major banks.  It appears that the freeze has slowed the pace of foreclosures at least temporarily.  Don’t expect this to be a trend.  Think of it more as a blip on the radar.

Lenders seized more than 93,000 homes nationwide last month as compared to a record 102,000 plus in September.  That’s still 21% more than the approximately 77,000 seized in October of 2009.

California seizures were down 23% from September.

For more on this story check this article.

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