The number of homes taken over by banks topped 100,000 for the first time in September, though foreclosures are expected to slow in coming months as lenders work through questionable paperwork.

By Corbett B. Daly at Reuters

EXCERPTS:

Banks foreclosed on 102,134 properties in September, the first single month above the century mark, RealtyTrac said. There were 347,420 total foreclosure filings in September, 3 percent higher than August and 1 percent higher than a year earlier.

For the quarter, there were 930,437 foreclosure filings, an increase of 4 percent over the prior three months and 1 percent lower than a year ago. One in every 139 homes received a foreclosure filing in the third quarter.

Nevada posted the highest foreclosure rate for the 45th straight month, followed by Arizona, Florida, California and Idaho.

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