The number of homes repossessed by banks reached a record total of 102,134, crossing the 100,000 mark for the first time in a single month, according to real estate data company RealtyTrac.

"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 CEO of RealtyTrac James Saccacio.

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, rose 3% in September to 347,420, and increased almost 1% from September 2009.

In the third quarter, foreclosure filings rose nearly 4% to 930,437 from the previous quarter, but declined 1% from the same period last year. One in every 139 U.S. housing units received a foreclosure filing during the quarter, according to the RealtyTrac's Foreclosure Market Report for the third quarter.

A total of 288,345 properties were repossessed during the quarter -- an increase of 7% from the previous quarter and an increase of 22% from the third quarter of 2009. Also, 269,647 properties received default notices, and 372,445 properties were scheduled for foreclosure auctions.

"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," Saccacio added.

On Wednesday, all 50 states and the District of Columbia launched a joint investigation of the mortgage industry, following reports that officials mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.

"If the lenders can resolve the documentation issue quickly, then we would expect the temporary lull in foreclosure activity to be followed by a parallel spike in activity," Saccacio said. "However, if the documentation issue cannot be quickly resolved and expands to more lenders we could see a chilling effect on the overall housing market."

Nevada continued to have the dubious honor of being the state with the highest foreclosure rate in the third quarter, despite a year-over-year decline in foreclosure activity. One in every 29 Nevada housing units received a foreclosure filing during the quarter, almost five times the national average. Arizona and Florida had second and third highest foreclosure rates.

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Ok I'm new to all this so please excuse the step backwards how do I paste from a word document without all the evil symbols

October 17 2010 at 5:05 PM Report abuse rate up rate down Reply

You know … in all of this I haven’t noticed anyone ask the question that should have been asked early and often. Everyone should consider all the Loan Modifications that were turned down by the Servicers because they “didn’t meet the Investor Guidelines”. If they don’t even know who the investors are …. how with a perfectly straight face, can they claim the modifications didn’t meet the “Investor Guidelines”. Well… I guess it helps to have two faces. Where are these “Guidelines”?? The Servicers wouldn’t be lying again would they? Nahhh …

October 17 2010 at 5:01 PM Report abuse rate up rate down Reply

Burying the incumbents is a shovel ready project!!!!!

October 15 2010 at 9:41 PM Report abuse rate up rate down Reply

off subject i know but i am barred from PD they moved bozo comment from aol to PD to save him from all the negative post, this guy is so clueless. again the bush basher were out in full swing about his blunders, difference being bush caught his mistakes this clown is just flat out clueless, we are done if dems win and he is reelected america will be a thing of the past.

October 15 2010 at 6:14 AM Report abuse +2 rate up rate down Reply


October 15 2010 at 5:45 AM Report abuse +3 rate up rate down Reply

so 4 citizens go to court in MI. seking protection from their overreaching government1 THE JUDGE SMACKS THEM DOWN!!!!!!!! Yo quote another poster. But ,in reading his reasons we find no mention of The Constitution! We find ,this Clinton appointee decided it came down to a burden on the government if they were not required to purchase health insurance! ALL MAY BE LOST!!!!! United Socialist States!!!!

October 15 2010 at 4:51 AM Report abuse +1 rate up rate down Reply

Yep economy is doing just fine. What a bunch of BS! Wall street is being inflated with political hot air prior to elections. NUTS

October 15 2010 at 3:03 AM Report abuse +2 rate up rate down Reply

This is what happens when you vote for Hope & Change without asking what the Changes are gonna look like. And thanks to Barney Frank & Chris Dodd who denied anything was wrong with Fannie or Freddie, here we are today...

October 15 2010 at 1:27 AM Report abuse +7 rate up rate down Reply

These crooked outsourcers gee I hope they draft the whole family so they can be together on the front line.

October 15 2010 at 1:01 AM Report abuse +4 rate up rate down Reply
1 reply to Iselin007's comment

The 'United States Chamber of Commerce', bah! They need to drop the 'United States' part and replace it with 'Foreign'!

October 15 2010 at 1:06 AM Report abuse +3 rate up rate down Reply

Joe Biden claimed this past Summer as the SUMMER OF RECOVERY. Jobs, home buying, economy will all be better. It's worse now than ever. GREAT DEPRESSION # 2 is here!

October 15 2010 at 12:59 AM Report abuse +1 rate up rate down Reply
1 reply to mikfete58's comment

You can thank your lucky stars we AREN'T in a depression.............better yet, thank President Obama!

October 15 2010 at 1:01 AM Report abuse rate up rate down Reply