Number of Home Foreclosures Hit 100,000 in September

Added by Gary Dunn on October 15, 2010

RealtyTrac, a real estate data company, announced on Thursday that the number of houses being repossessed in the U.S. hit 100,000 in September. The company said that it’s the first time this is happening even though the number is expected to reduce as lenders get down to paperwork.

According to RealtyTrac, about 102,134 properties were foreclosed by banks in September which was above the century mark. The real estate data company said that this number was one per cent higher than that of July and three percent higher than that of August.

Chief Executive Officer of RealtyTrac James J. Saccacio stated that there will be a decrease in the number of properties being foreclosed as lenders work in irregularities that have been noted in the recent weeks.

All states within the U.S. have started investigating the mortgage industry after there were reports of foreclosure signing without content confirmation. Analyses showed that one in every 139 properties received repossession filing.

RealtyTrac said that once lenders are busy with the paperwork, there will be a calm period after which foreclosures are expected to rise once more. The state of Nevada had the highest number of repossessions with Arizina, Florida, California and Idaho right behind it.