Investors drive down us repossessions

Investors are helping to drive down the number of repossessions in the US.

37,775 homes across the US completed foreclosure in October 2013, according to RealtyTrac, 29 per cent fewer than in October 2012. The reduction has been attributed to investors buying up properties when they are put up for auction by banks, snapping up real estate before it enters the market.

Foreclosure starts have fallen across the US for 15 months in a row too, as homeowners keep up with their mortgage payments. File repossessions have dropped for 11 consectuive months.

"We're still firmly on the road back to normal foreclosure levels, but continue to see the foreclosure problem persist in areas that had delays in the foreclosure process," said Daren Blomquist, vice president at RealtyTrac.