A record number of the United States homeowners lost their properties as repossessions and foreclosure auctions hit a record high in the third quarter, according to a report released by RealtyTrac.
The report, which was released Thursday, estimated the total number of foreclosure auctions held in the third quarter to be 372,445 with 288,345 properties repossessed by lenders over the same time period.
There were a total of 930,437 foreclosure filings in the third quarter, a 4% up tick from the previous period. This roughly amounts to one foreclosure for every 139 homeowners, the highest rate in recent years.
Bank repossessions, which are also known as REOs, reached a record high of 102,134 homes in September, the first time that 100,000 homes have been lost in a single month.
RealtyTrac CEO James Saccacio said the surge is not expected to last as a number of loan servicing companies have suspended foreclosures amid a review of documents.
Nevada remained the state with the highest foreclosures for the 15th consecutive quarter, showing an increase of 1% from earlier quarter. One in every 29 Nevada homes was put up for foreclosure sales during the third quarter. California fared the worst in the third quarter with a total of 191,016 foreclosures, followed by Florida, Arizona, Illinois and Michigan; these fives states had a combined total of more than half of all foreclosures recorded in last quarter.
Attorneys general from all 50 states announced a joint probe into questionable foreclosures and REOs performed by loan servicing companies Wednesday. No moratorium has been placed on foreclosures yet although there have been reports of serious discrepancies in some companies' procedures, including the largest lenders of the country.
