LOS ANGELES – While foreclosures remain a concern in select states, the number of U.S. homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not see in more than six years.
The trend is the latest sign foreclosures are becoming less of a national factor on the housing recovery and more of a state and metropolitan-area concern.
Lenders initiated foreclosure action against 52,826 U.S. homes in November, down 10 percent from the previous month and a drop of 32 percent from November last year, according to new data from foreclosure listing firm RealtyTrac Inc.
The last time the tally of monthly foreclosure starts was lower was in December 2005, the firm said.
Overall, completed foreclosures sank to the lowest level since July 2007, the firm said.