Bank Repossessions Surpass 100,000 in September

October 14, 2010 No Comments »

bank repo

Robosigners and foreclosure-gate aside, bank repossessions surpassed 100,000 last month for the first time ever, according to RealtyTrac.

A total of 102,134 bank repos, where borrowers actually lose their homes to foreclosure, were reported in September, up from 95,364 in August.

“Lenders foreclosed on a record number of properties in September and in the third quarter, taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months,” said James J. Saccacio, chief executive officer of RealtyTrac, in a release.

“We expect to see a dip in those bank repossessions — and possibly earlier stages of the foreclosure process — 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.”

Overall foreclosure filings, which include default notices and auctions, totaled 347,420 last month, up less than three percent from the previous month and just one percent higher than a year earlier.

Bank Repossessions and Scheduled Auctions Set Quarterly Records

However, both bank repos and foreclosure auctions hit new quarterly highs during the third quarter.

And overall foreclosure activity increased nearly four percent from the second quarter, but was down one percent from a year ago.

One in every 139 housing units in the nation received a foreclosure filing during the quarter, with California alone accounting for more than 21 percent of all foreclosure activity during the third quarter.

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