Bank repos hit new high in May

RealtyTrac says fewer homes headed into foreclosure

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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.