They are still on line to be the highest ever for a year. They will likely pass 2008’s total.
There’s been a gangpress to reduce foreclosures which are slashing home values around the nation. These efforts have stemmed the tide of foreclosures, which nationally have fallen for the past three months.
The decline likely reflects that banks have slowed down foreclosure activity to give borrowers more time to apply for loan modifications that could help them stay in their homes, according to RealtyTrac. The company runs an online database for foreclosures and says its information covers 90 percent of U.S. households.
In the District, the number of real estate-owned properties — when a bank has taken possession of a home and evicted the borrower — fell by half to 46 in October compared with 102 in September. In Maryland, bank repossessions fell to 786 from 865 the previous month. Virginia also saw a decrease in bank repossessions, 1,845 in October compared with 2,028 in September.