US foreclosures peak in September
The foreclosure scandal continues to rage across the USA real estate arena as various lenders are accused of rushing through distressed sales of American homes.
Reports allege that thousands of ordinary American homeowners have been forced out their properties contrary to official regulations and guidelines.
September saw record numbers of repossessions across the US housing market with more than 102,000 properties seized by lenders. The highest number of foreclosures occurred in Nevada.
As investigations continue aross all states the level of foreclosure properties is expected to fall during October while the situation is clarified and companies can satisfy official regulators that the correct procedures are in place.
As news of the scandal hit the press Wall Street reported a drop in share values for some of the companies named and shamed in the debacle