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by CareyBot

Lenders repossessed properties at record rates during May, even as the number of homes entering the foreclosure process declined, according to the latest numbers from RealtyTrac.Foreclosure-related filings fell 3 percent from April to May, driven by a 7 percent drop in default notices and a 4 percent decrease in scheduled auction notices, RealtyTrac said.Improvements in default and auction notices were partially offset by a 1 percent increase in bank repossessions, which hit a record high of 93,777 during May, up 44 percent from a year ago.All 50 states posted increases in bank repossessions from a year ago, RealtyTrac said, as lenders worked through a backlog of distressed properties that's been building up over the past 20 months."Defaults and scheduled auctions combined increased b...