Foreclosure filings down in October

Bank repossessions came down from record highs in October, adding fewer homes to the large inventory of homes that moving families have to choose from.

October's 4 percent drop in foreclosure filings - bank repossessions, default notices and scheduled auctions - likely came as lenders halted the sales of foreclosures nationwide in order to conduct internal reviews of their foreclosure documentation procedures. Default notices were down 2 percent nationwide while auctions declined 3 percent. Banks reclaimed 93,236 homes last month, down 9 percent from the record high set a month earlier, and experts say next month's figure could be even lower if delays persist

"October marks the 20th consecutive month where over 300,000 U.S. homeowners received a foreclosure notice," said James J. Saccacio, chief executive officer at RealtyTrac. "The numbers probably would have been higher except for the fallout from the recent 'robo-signing' controversy."

At the same time, there is no shortage of properties on the market for those who are moving to choose from. A report last month from the National Association of Realtors said that there are 4.04 million existing homes for sale, representing a 10.7-month supply.
 

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