Home Repos Break Record

Home repossessions break record in September as foreclosure scandal heats up
Home repossessions break record in September as foreclosure scandal heats up

Breaking the record for most bank repossessions in a single month is a funny way to kick off a housing recovery. A total of 102,134 bank repossessions were recorded in September, according to foreclosure-listings site RealtyTrac. Bank repos had never even exceeded 100,000 in a single month before.

The news comes as major lenders halt foreclosure sales in several states over allegations of "irregular" foreclosure procedures. The spike may have been caused, in part, by the expectation that foreclosure sales will dip dramatically in the fourth quarter as lenders continue to investigate claims of misconduct.

Foreclosures make up nearly a third of all home sales in the nation. The top five states with the most properties in some stage of foreclosure are California, Florida, Arizona, Illinois and Michigan and they account for more than 50 percent of foreclosure filings in the latest report.