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Bank repossessions reach record high

RealtyTrac says 'robo signing' troubles will likely reverse trend

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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. Overall, 930,437 properties received foreclosure filings in the third quarter -- a 3.9 percent rise from the second quarter but a 1 percent drop compared to third-quarter 2009. Foreclosure activity in September rose nearly 3 percent month-to-month and 1 percent year-over-year, to 347,420 properties.Broken down by type, default notices accounted for 29 percent of third-...