According to a recent report from Realty Trac U.S. foreclosure activity in July rose 55 percent from a year earlier as a slump in once-sizzling housing markets forced yet more borrowers to default on their mortgages, according to a monthly report.
Foreclosure filings - default notices, auction sale notices and bank repossessions - rose 8 percent from June and 55 percent from July 2007 to 272,171. That means one in every 464 U.S. households received a foreclosure filing in July. Bank repossessions (REOs) rose 184 percent year-over-year. Default notices were up 53 percent, and auction notices rose 11 percent.
RealtyTrac now has more than 750,000 properties in its active REO database, or about 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors, RealtyTrac said. Texas was in the top 10 for foreclosure filings.
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