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REO’s Soar to Record Level in July
REO stands for real estate owned within the real estate/banking industry. Before the banks take full ownership, the homes and home owners go through what is a lengthy process called foreclosure. The number of homes entering the foreclosure process fell sharply in July compared to a year ago, but homes continued to flow out the other end of the foreclosure pipeline in the form of sales to new owners.
Lenders repossessed 92,858 homes in July, up 9 percent from June and 6 percent from a year ago figures show. It was the eighth month in a row where bank repossessions were at a higher level than the same time a year ago.
The monthly tally of homes becoming "real estate owned" (REO) has been higher only once since May of this year. But the number of homes beginning the foreclosure process when lenders served their owners with default notices was essentially flat from June to July, at 97,123. That's a 28 percent decline from the same time a year ago, and a 32 percent reduction from the April 2009 peak. 
A total of 325,229 were subject to some sort of foreclosure-related filings in June, including default notices, scheduled auctions and bank ... more

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