Industry NewsMarkets & Economy

Bank repossessions reach record high

RealtyTrac says 'robo signing' troubles will likely reverse trend
Published on Oct 14, 2010

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by CareyBot

Bank repossessions surged past 100,000 for the first time in September, according to a report by foreclosure data site RealtyTrac. The site tracks properties that receive foreclosure filings: default notices, scheduled auctions, and bank repossessions.

A record 102,134 properties became bank-owned last month.

"Lenders foreclosed on a record number of properties in September and in the third quarter, taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months," said James J. Saccacio, RealtyTrac's CEO, in a statement.

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