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by CareyBot

Initial foreclosure filings rose 93 percent from January through November compared to the same period last year, foreclosure research company reported this week, and the number of homes that ended up as bank-owned properties rose 41 percent. An estimated 1.08 million homes, or 14.8 of every 1,000 households, entered the foreclosure process nationwide in the first 11 months of the year. And 526,936 households, or 6.6 homes out of every 1,000 households, reverted to lender ownership. An estimated 72,101 homes nationwide were repossessed by lenders in November alone, up 31.8 percent compared to October. Bank-owned properties are also known as real estate-owned, or REO, properties. The statistics are based on an analysis of the number of formal notic...