Number of US homes entering foreclosure path, repossessed by lenders, fell sharply in November

The number of U.S. homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not see in more than six years.

Foreclosure listing firm RealtyTrac Inc. said Thursday that lenders initiated foreclosure action against 52,826 U.S. homes in November.

That's down 10 percent from October and a drop of 32 percent from November last year.

The last time the tally of monthly foreclosure starts was lower was in December 2005.

The number of homes completing the foreclosure process also declined to 30,461 homes last month.

That's down 19 percent from October and down 48 percent from November 2012 to the lowest level since July 2007.

The trend is the latest sign foreclosures are becoming less of a national factor on the housing recovery.