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Bank repos hit new high in May

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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.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 by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009, creating a buildup of delayed bank repossessions," said James J. Saccacio, RealtyTrac CEO."Lenders appear to be rampi...