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Repo Property Totals Decline in the U.S. for October

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By : John Cutts    99 or more times read
The total number of U.S. foreclosed homes and repo property declined in October 2010 by 9% when compared with total foreclosures for September 2010. According to housing market analysts, the decline is the biggest margin so far for 2010. Part of the reason for the decrease, analysts stated, is the temporary freeze on the sale of foreclosed properties imposed by several major lenders.

Analysts also report that the decline in the number of properties under list of bank owned homes has derailed the pace of lenders who were earlier projected to be on track to foreclose and repossess over one million residences for the whole 2010. Most lenders have already lifted the suspension on foreclosure sales so there is a big chance that the nation will still surpass the one million mark by the year's end.

People who search bank foreclosures are expected to have more choices during the last two months of the year as foreclosure totals are projected to rise again following the end of the moratorium. However, most housing industry experts believe that the pace by which houses are repossessed and foreclosed will be much slower since most lenders will be more conscious of the need to make sure that no documentation errors occur in the processing of the properties.

Housing data for the January-October period showed that repo property and foreclosures had already reached a total of 909,000. Experts stated that the economic downturn, high unemployment rates and reduced household income all contributed to the high number of foreclosed properties recorded during 2010 so far.

For October, a total of 93,236 residential properties were lost to foreclosures, including bank, government and Federal National Mortgage Association foreclosures. The figure is relatively better when compared with the September 2010 peak of 102,134. The numbers include default notices, houses scheduled for foreclosure auctions and properties repossessed by lenders. Despite the monthly decline, October foreclosure totals are still higher by 21% when compared with October 2009.

On average, 91,000 repo property and foreclosures are recorded each month for 2010. This average is likely to be maintained for the remaining two months of the year, with the whole U.S. housing industry expected to record over one million foreclosed properties for the rest of the year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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