Foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 930,437 properties in the third quarter, a nearly 4-percent increase from the previous quarter, but a 1-percent decrease from the third quarter of 2009, according to RealtyTrac's latest U.S. Foreclosure Market Report. The report also showed that one in every 139 U.S. housing units received a foreclosure filing during the quarter.
During the month of September, foreclosure filings were reported on 347,420 U.S. properties, an increase of nearly 3 percent compared with the previous month and an increase of 1 percent compared with a year ago. A record total of 102,134 bank repossessions were reported in September, the first time bank repossessions have surpassed the 100,000 mark 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 J. Saccacio, chief executive officer of RealtyTrac. "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."
California accounted for 21 percent of the nation's total foreclosure activity in the third quarter, with 191,016 properties receiving a foreclosure notice - the nation's largest foreclosure activity total, according to the report. California foreclosure activity decreased nearly 1 percent from the previous quarter and was down nearly 24 percent from the third quarter of 2009.
Source: RealtyTrac's
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