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Foreclosure activity trends lower in October


During the month, there were an estimated 58,000 completed foreclosures.

Foreclosures weigh heavily on the real estate industry's recovery, but the rate of home repossessions appeared to be improving in October.

During the month, there were an estimated 58,000 completed foreclosures, according to a report from CoreLogic. Although this may seem like a large amount, it was a notable improvement from October 2011 when there were 70,000 foreclosures.

Meanwhile, as a result of the decline, the foreclosure inventory thinned to just 1.3 million units, accounting for roughly 3.2 percent of all mortgaged properties, the report said.

"A lower foreclosure inventory is a good indicator of improving housing markets," said Anand Nallathambi, president and CEO of CoreLogic. "The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction."

There are a number of factors contributing to the declining foreclosure activity. While many consumers are getting a better handle on how they manage debt, government initiatives, such as the Home Affordable Refinance Program, have also helped. 

Fewer distressed properties on the market is a promising sign for home prices. As activity continues to diminish, property values could continue to increase in the coming months.

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