Bank repossessions hit 9-month high in November

By: The Associated Press
By: The Associated Press

New data show that U.S. home repossessions rose to a nine-month high in November, even as the number of homes starting on the path to foreclosure declined to the lowest level in six years.

Foreclosure listing firm RealtyTrac Inc. said Thursday that banks completed foreclosure on over 59,000 homes last month.

That's an increase of 11 percent from October and up 5 percent from November last year.

The number of homes entering the foreclosure process, so-called foreclosure starts, sank to about 77,500.

That's the lowest number of foreclosure starts since December 2006.

Bank repossessions are on pace to exceed 650,000 this year, down from 800,000 last year.

Florida had the highest foreclosure rate of any other state last month, and twice the national rate.

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