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The American foreclosure rate has improved by nearly a third year-on-year.
RealtyTrac, a major US online marketplace for foreclosure properties, released its October 2011 Foreclosure Market Report this week showing that filings, default notices, scheduled auctions and bank repossessions took place on 230,678 U.S. properties in October, a 7% rise on the previous month, but still down nearly 31% on October 2010.
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The report also revealed that one in every 563 US homes was served with a foreclosure notice during the month.
"The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we've been in for the past year as lenders corrected foreclosure paperwork and processing problems," James Saccacio, chief executive officer of RealtyTrac told OPP.
Source: OPP.org.uk
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