Industry News sees 93% rise in foreclosure filings

Number of REO properties up 41% from a year ago

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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 notices filed against a property in the foreclosure process. The company noted that depending on the location and laws, there can be two to three filings per property, including notice of default and/or ...