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Home Repossessions Drop 29% to Lowest in U.S. Since 2007

Home repossessions in the U.S. plunged 29 percent last month from a year earlier to the lowest level since 2007 amid increased efforts by state lawmakers and courts to delay property seizures, according to RealtyTrac.

Banks took 45,038 properties from delinquent borrowers in February, an 11 percent decrease from the previous month and the fewest since September 2007, the Irvine, California-based data provider said today in a report. Forty-one states had drops in completed foreclosures from February 2012, led by declines of 78 percent in Oregon and 69 percent in Massachusetts.