Foreclosure Activity Increased 4% In July

Posted by Orb Staff on August 13, 2010 No Comments
Categories : Mortgage Servicing

RealtyTrac's U.S. Foreclosure Market Report for July 2010 shows that foreclosure filings were reported on 325,229 properties in July – a nearly 4% increase from the previous month but a nearly 10% decrease from July 2009.

Lenders foreclosed on 92,858 U.S. properties in July – a 9% increase from the previous month and a 6% increase from July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month, according to the RealtyTrac report. The top 10 states with foreclosure activities were Nevada, Arizona, Florida, Idaho, Michigan, Utah, Illinois, Georgia and Maryland.

A total of 97,123 U.S. properties received default notices in July – a 1% increase from the previous month but a 28% decrease from July 2009. Default notices in July were down 32% from their peak of 142,064 in April 2009, while foreclosure auctions were scheduled for the first time on a total of 135,248 U.S. properties in July – an increase of 2% from the previous month but a decrease of 2% from July 2009 and a decrease of 14% from a peak of 158,105 in March.

‘July marked the 17th consecutive month with a foreclosure activity total exceeding 300,000 [properties],’ says RealtyTrac CEO James J. Saccacio. ‘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, which increased on a year-over-year basis for the eighth straight month.’

SOURCE: RealtyTrac

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