Repossessions fall 9% thanks to foreclosure freeze
Nov-11-2010--NEW YORK -- Foreclosures fell in October, but it's not because fewer people are losing their homes. Instead, the market is seeing a temporary stay from banks freezing foreclose auctions to review loan documents.Foreclosure filings of all kinds, including notices of default, notices of auctions and notices of auction sales, dropped 4.4% during the month, according to a report released by RealtyTrac on Thursday. But bank repossessions, the filing most affected by the freeze, shrank 8.7%.Memphis foreclosures decline 38% year over year Odd Foreclosure Phenomenon May Be Telling of Bank Tactics
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