Foreclosures Rise; Repossessions Set Record

Joseph Pisani

CNBC News Associate 

US foreclosure activity rose in August from the previous month, and banks and lenders took ownership from homeowners at a record pace, according to a new report released Thursday. 

Bank repossessions, often the final step in the foreclosure process after a home fails to sell at auction, increased about 2 percent from the month before to 95,364, a record high. At the same the number of properties that received default notices—the first step in the foreclosure process—decreased 1 percent from a month ago and fell 30 percent from a year ago, a sign that lenders are focusing on their backlog of foreclosure inventory before tackling new distressed loans, according to foreclosure listing website RealtyTrac, which released the report. 

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