RealtyTrac reports sharp drop in home repossessions in 2011

UNDATED (AP) — A firm that tracks foreclosures says they were down 34 percent last year, but are likely to bump up this year.

RealtyTrac says the reason for the drop was procedural delays that artificially reduced the foreclosure rate. Spokesman Daren Bloomquist says although the rate is likely to rise this year, the worst of the crisis is over.

The number of homes facing foreclosure action totaled 1.9 million in 2011, the lowest level since 2007. There have been more than four million bank repossessions in the past five years.

Las Vegas was the foreclosure capital last year, and California had 10 of the top 20 highest foreclosure rates in metropolitan areas.