New figures have revealed that lenders in the US foreclosed on a record number of properties during September.
Statistics released by RealtyTrac show that the total number of distressed homes in the country increased by three per cent last month, which suggests that the market is not yet in recovery.
However, the news may lead to an increase in interest in property in the US , with many investors looking to pick up a bargain.
Banks repossessed 102,134 properties in September, the first time REO reached triple digits for a single month.
“Lenders foreclosed on a record number of properties in September and in the third quarter, taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months,” said James Saccacio, chief executive of RealtyTrac.
The expert added that he was expecting the level of foreclosed properties to fall in the coming months as lenders begin to overcome recent troubles.