Home Repossessions Hit Record in September

Irvine, CA, Oct. 14, 2010--The number of homes repossessed by banks topped 100,000 for the first time in September, real estate data company RealtyTrac said.

Banks foreclosed on 102,134 properties in September. There were 347,420 total foreclosure filings in September, 3% higher than August and 1% higher than a year ago.

However, the number of properties in the U.S. that received foreclosure filings in the third quarter declined 0.8% from a year ago.

"We expect to see a dip in those bank repossessions...in the fourth quarter as several major lenders have halted foreclosure sales in some states while they review irregularities in foreclosure-processing documentation that has been called into question in recent weeks," said James J. Saccacio, CEO of RealtyTrac.

For the quarter, there were 930,437 foreclosure filings, an increase of 4% over the prior three months and 1% lower than a year ago.

Nevada posted the highest foreclosure rate for the 45th straight month, followed by Arizona, Florida, California and Idaho.