Foreclosures rise in July

By Gary Linnell

ProWEB Wire (Industry News)

Banks repossessed the second highest number of homes ever last month, as Americans continue to face foreclosure due to the struggling job market, according to RealtyTrac.

Banks to work through distressed loans that were already on their books, rather than producing a flood of new default notices.

Banks took over 92,858 properties for the month, a 9 percent increase from the previous month and a 6 percent rise year-over-year.

Overall foreclosure activity, which includes notice of default, scheduled auction and repossession, climbed 4 percent from June, with one in every 397 housing units receiving a foreclosure filing.