Repossessions set a record

10/13/2010

Bank repossessions of houses reached a record high in the third quarter, though total foreclosure-related filings fell from the same period a year ago, a new study shows.

Michigan and Ohio still rank among the leaders in states with foreclosure-related activity, although more activity in other states has bumped them from among the leaders.

More than 930,000 properties nationwide had either default or auction notices or bank repossessions in the July through September period, down 1 percent from a year ago but up 4 percent form the second quarter, according to RealtyTrac Inc., a real-estate data firm.

The report, released today, shows one such filing for every 139 households.

Michigan had 46,100 foreclosure-related filings, or one for every 98 housing units, up 25 percent from a year ago. Ohio had 36,677 such filings, or one for every 139 households, and up 24 percent from a year ago.