REO Assets Jump 21% In Third Quarter

Bank repossessions or real esate-owned assets jumped 21% from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters, according to a recent report from RealtyTrac "Lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties," said the company's CEO James Saccacio.

Foreclosure filings were reported on 343,638 properties in September, a 4% decrease from the previous month but a 29% increase from September 2008. Nevada, Arizona and California continued to post top state foreclosure rates. Nevada had the highest with filings on 47,925 properties, an increase of nearly 10% from the second quarter and 59% from a year ago.