Foreclosures drop 12 percent in September
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Nationwide foreclosure filings, including default notices, auction sale notices, and bank repossessions, decreased 12.48 percent in September, according to the latest report from RealtyTrac.
Still, foreclosures remained nearly 21 percent above last year as foreclosure filings affected one out of every 475 households.
Not too much should be made of the 12 percent decrease, as it can be primarily attributed to changes in state laws that have temporarily slowed the pace of foreclosures.
For example, California, which accounts for close to one-third of nationwide foreclosure filings, recently enacted a law which requires an additional 30-day notice before foreclosure proceedings can be started.
Nevada remained ...