Foreclosures continued to fall in November, dropping 3 percent from October and 14 percent year-over-year, according to the latest data from RealtyTrac. Repossessions — the last stage of the foreclosure process — are down 45 percent from the peak reached in September 2010, in which 102,000 homes were repossessed in foreclosure compared to 56,124 in November 2011.

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For the 59th month in a row, Nevada continues to have the highest foreclosure rate in the country, despite a new law that took effect in October that changed the state’s foreclosure process and was expected to curtail foreclosures there. Foreclosures were down 43 percent year-over-year in that state, but its foreclosure rate still remained higher than other states.

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The government isn’t doing enough to help home owners at risk of default, foreclosure, and underwater on their homes, a majority of Americans say in the Home Horizons 2012 study, a survey conducted by Yahoo! Real Estate of 1,500 current and aspiring home owners.

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Banks are making more profits on each loan they originate–a 377 percent increase in just a six-month period, according to the Mortgage Bankers Association.  On average, mortgage banks made a profit of $1,263 for each loan they originated during the third quarter–that’s up from $575 per loan in the second quarter of 2011. In the first quarter, they made $346 per loan.

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The 22,000-square-foot Chicago home belonging to R&B singer R. Kelly is on the market for $1.595 million as a short sale. Kelly’s original loan in 1999 for the home was for $3.5 million, according to Zillow.

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