Banks seize 288K homes U.S. foreclosure investigation

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Banks seize 288K homes U.S. foreclosure investigation

By ALEX VEIGA, AP Real Estate Writer Alex Veiga, Ap Real Estate Writer – 1 hr 37 mins ago

LOS ANGELES – Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.

A total of 288,345 properties were lost to foreclosure in the July-September quarter, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service. That's up from nearly 270,000 in the second quarter, the previous high point in the firm's records dating back to 2005.

Banks have seized more than 816,000 homes through the first nine months of the year and had been on pace to seize 1.2 million by the end of 2010. But fewer are expected now that several major lenders have suspended foreclosures and sales of repossessed homes until they can sort out the foreclosure-documents mess.

On Wednesday, officials in 50 states and the District of Columbia launched a joint investigation into the matter.




http://news.yahoo.com/s/ap/20101014/ap_on_bi_ge/us_foreclosure_rates

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