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 (1 in 139 homes) through the first nine months of the year and had been on pace to seize 1.2 million by the end of 2010.
---Past Wisdom Required---
“Where law ends, tyranny begins.” – William Pitt the Elder (1708-1778)
“Crime is contagious. If the government becomes a law-breaker, it breeds contempt for the law.” – Justice Louis D. Brandeis
“Fraud and falsehood only dread examination. Truth invites it.” – Thomas Cooper (1759-1851)
“The Strength of a nation is derived from the integrity of its homes.” – Confucius (551-479 B.C.)