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Foreclosure activity rises 4% in August

Bank repossessions hit record high

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The number of homes that received foreclosure filings -- default notices, scheduled auctions, and bank repossessions -- rose 4 percent in August from the month before, according to a monthly report by foreclosure data site RealtyTrac. For the 18th straight month, foreclosure activity exceeded 300,000 properties, reaching 338,836. Despite the month-to-month increase, foreclosure activity dropped 5 percent compared to August 2009. Of the three types of foreclosure filings, only notices of default decreased on either a month-to-month or year-over-year level. At 96,469, default notices fell 1 percent from July and 30 percent from August 2009. August was the seventh month in a row to see notices drop year-over-year. They peaked in April 2009 at 142,064, the report said. Meanwhile, scheduled auctions rose 9 percent from July and 2 percent from August 2009, to 147,003 -- the second highest monthly total since the site began keeping track in April 2005. Bank repossessions in August shot up...