Banks Repossess Property at Record Pace

(Reuters) Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market.

(Reuters) Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year. Repossessions are expected to top 1 million this year. (Read more…)