Industry NewsMortgage

Q3 bank repos up sharply

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The number of properties subjected to foreclosure-related filings increased 5 percent from the second quarter to the third, driven by a 21 percent increase in bank repossessions, data aggregator RealtyTrac said today.RealtyTrac said the number of properties hit with foreclosure-related filings dropped 4 percent from August to September, to 343,638, but that number still represented a 29 percent increase from a year ago, and the third-highest monthly total since the downturn began. The 937,840 homes subjected to foreclosure-related filings during the third quarter represented a 23 percent increase from a year ago. One in 136 U.S. homes was subjected to a filing, the highest rate in records dating back to the first quarter of 2005.Not all homeowners who enter the foreclosure process end up losing their homes, as some are able to refinance their loans or negotiate a loan modification or other workout with lenders.The Obama administration last week reported that loan servicers had entered ...