Foreclosure Rates Drop | NBC Connecticut

Foreclosure Rates Drop



    There's some good news on the housing front. Fewer homeowners are having their homes foreclosed upon.

    According to the foreclosure listing firm, RealtyTrac, home foreclosures nationwide dropped 9 percent from September to October of this year. It’s the largest drop this year.

    Realtytrac said the reason is that several major lenders temporarily halted most or all of their foreclosures amid allegations that thousands of foreclosures were handled improperly.

    In recent weeks, some lenders have announced plans to resume foreclosures, though at a more measured pace, in an attempt to ensure there aren't any flaws in the process.

    That means the number of homes lost to foreclosure should rise again, but at a much slower pace.

    In Connecticut, one in every 695 homes received a foreclosure notice last month.

    Among states, Nevada posted the highest foreclosure rate last month, with one in every 79 households receiving a notice. That's nearly five times the national average.