Foreclosure moratorium slows pace of process

In October, 93,236 homes were repossessed by lenders, down from a peak of 102,134 in September, but still 21 percent higher than the same time last year, according to RealtyTrac data. 

Bank of America, Ally Financial's GMAC Mortgage and JPMorgan Chase & Co. suspended some or all of their foreclosure activity after problems emerged in late September regarding "robo-signings" where only a few details of the foreclosure paperwork is verified. 

In early October, Bank of America announced it would resubmit about 102,000 pending affidavits related to foreclosure proceedings in 23 states where courts are involved.

JPMorgan Chase said last week it would be restart foreclosures later this month after stopping proceedings on 127,000 loans in 40 states.

Most lenders expect it will take several months to get back up to speed. 

The number of properties receiving an initial default notice — the first step in the foreclosure process — dropped 2 percent last month and was down 19 percent compared with the same month in 2009, according to RealtyTrac.

Last month, 332,172 properties received a foreclosure-related warning, down 4 percent from September and about the same compared with last year, RealtyTrac said. 

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

Rounding out the top 10 states with the highest foreclosure rate in October were: Florida, Arizona, California, Michigan, Utah, Georgia, Idaho, Illinois and Colorado.