Foreclosed homes reached a record total of 102,134 in September according to Melly Alazraki in her article, “More Than 100,000 Homes Repossessed in September,” for DailyFinance.com. This , a real estate data company. Compared to the third quarter, foreclosure filings have increased 4%. The number of foreclosed homes has crossed the 100,000 mark for the first time in a single month.
“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 Saccacio, CEO of RealtyTrac.
According to Alazraki, a total of 288,345 properties were repossesed during the quarter – an increase of 7% from the previous quarter. Foreclosure filings rose nearly 4% to 930,437 from the previous quarter, but declined 1% from the same period last year. Forclosure filings include default notices, scheduled auctions and bank repossessions.