Number reflects mortgages “moving through the process”
U.S. banks repossessed more homes in the second quarter of 2010 than any other quarter on record, despite efforts to delay homes from entering foreclosure, reports the LA Times. The number of homes repossessed—269,952—is 38% higher than the same quarter last year. However, the number of homes that received foreclosure notices last quarter is only 1% higher year over year. While some are calling the flood of repossessed houses a “set back” for the resale market, experts say the record numbers are simply a sign that banks are reaching the repossession stage in lengthy foreclosure processes that began months ago.