The foreclosure listing firm RealtyTrac says banks initiated actions against nearly 59 thousand U.S. homes in October.
That is a 2 percent increase from September, but a decline of 34 percent as compared with October of last year. But fewer U.S. homes are completing the foreclosure process because investors are increasingly purchasing properties at public auction. Nearly 38 thousand U.S. homes completed the foreclosure process in October, down 1 percent from the previous month and 29 percent versus October of last year. Spokesperson Daren Blomquist.
Blomquist says foreclosure filings in Ohio increased by 34 percent in October, thanks to a 78 percent rise in the number of sheriff's auctions. Blomquist says the problem is worse in other states.
Blomquist says overall, more U.S. homeowners are keeping up with their mortgage payments and rising prices have helped the market emerge from a slump.