SEATTLE-According to RealtyTrac home repossessions in the US fell 9% from September to October. The number of US homes reclaimed by lenders fell last month, as the process was temporarily stopped due to mishandling of foreclosures.
Lenders including Bank of America, JPMorgan Chase & Co. and Ally Financial's GMAC Mortgage suspended their foreclosure activity during late September. More than 909,000 homes have been seized by banks in the first 10 months. Unemployment and reduced income continue to be the accelerators for foreclosures. For the full story, go to Seattle Times.
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