Fewer U.S. homes are completing the foreclosure process and ending up repossessed by banks because investors are increasingly buying up properties when they go on sale at public auction.
The trend reflects a growing appetite among investors for buying homes before they exit the foreclosure process and end up on the market.
Some 37,775 homes nationwide completed the foreclosure process in October, down 1 percent from the previous month and a decline of 29 percent versus October last year, foreclosure listing firm RealtyTrac. said Thursday.
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At the front end of the process, lenders initiated foreclosure action against 58,939 homes last month, an increase of 2 percent from September, but a drop of 34 percent from October 2012, the firm said.