NEW YORK (Reuters) – Banks seized more U.S. homes in May as a greater number of Americans found themselves entering the foreclosure process, suggesting lenders were drawing down the pipeline of distressed properties, a report from RealtyTrac showed on Thursday. Banks repossessed 38,946 homes, an increase of 11 percent from the previous month. The number of homes hit with default notices for the first time grew by 4 percent. Among the five lenders involved in last year's national mortgage settlement, all but Citigroup saw an increase in repossessions. …
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