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Banks Investigations of Foreclosure Practices Leads to Drop in Filings

Thursday, November 11, 2010

The number of homeowners receiving foreclosure notices in October fell slightly from the previous month as a result of temporary halts in foreclosures by lenders after revelations of possible failures to comply with legal requirements. Online foreclosure tracking firm RealtyTrac reports that 332,172 homes received a foreclosure notice last month, 4 percent lower compared to the previous month but unchanged from a year ago.

Nevada, Florida and Arizona once again had the top three highest foreclosure rates in the country. And it was snake eyes again for Las Vegas, which had the nation’s highest metropolitan foreclosure rate.

Twenty percent of foreclosure filings were in California. Along with Florida, Michigan, Illinois and Arizona, these five states constituted half of all foreclosures in the country.

In New York, foreclosures were up 4 percent from September, but down 20 percent from a year ago. New Jersey saw the number of foreclosures last month fall by 15 percent from September and 30 percent from a year ago.

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