Foreclosures Up 9% in July; Filings Down From Last Year

ForeclosuresU.S. bank repossessions in July increased on a year-over-year basis for the eighth straight month as overall foreclosure filings rose 4 percent compared to June, according to RealtyTrac’s latest monthly update.
Foreclosure filings were down 10 percent compared to July of last year.
But last month marked the 17th consecutive month with foreclosure activity exceeding 300,000 filings – including default notices, scheduled auctions and bank repossessions.
Lenders foreclosed on 92,858 U.S. properties in July, a 9 percent increase from the previous month and a 6 percent increase from July 2009.
July 2010 saw a total 325,229 U.S. properties receive foreclosure filings. That’s one in every 397 U.S. housing units.
The number of bank repossessions was the second highest monthly total since RealtyTrac began tracking REO activity in April 2005. And it was 1 percent below the monthly REO activity peak of 93,777 in May 2010.
“Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions,” said James J. Saccacio, chief executive officer of RealtyTrac.
Nevada retained the nation’s highest foreclosure rate for the 43rd straight month. A total of 13,727 Nevada properties received a foreclosure filing in July, a nearly 7 percent increase from the previous month but a nearly 30 percent decrease from July 2009.
All 10 metro areas with the nation’s highest foreclosure rates in July recorded year-over-year decreases in foreclosure activity, but five of the top 10 posted increases from the previous month, RealtyTrac said.
See RealtyTrac’s full report.

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