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.
Banks completed foreclosure on 59,134 homes last month, an increase of 11 percent from October and up 5 percent from November last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
Last month marked the first annual increase in bank repossessions since October 2010, when allegations of abuses by the mortgage industry compelled many lenders to temporarily halt foreclosures.
But the number of homes entering the foreclosure process or scheduled for auction for the first time, so-called foreclosure starts, sank to 77,494. That’s a decline of 13 percent from October and a drop of 28 percent from November last year, the firm said.