U.S. foreclosure activity in July 2008 increased 8 percent from the previous month and 55 percent from a year earlier, July 2007, according to the RealtyTrac Foreclosure Market Report released today.

• Bank Repossessions (REOs) accounted for 28 percent of all activity during the month,

• While defaults accounted for 41 percent and

• Auction notices accounted for 31 percent.

That is in contrast to REOs accounting for just 16 percent of all activity in July 2007, while defaults in July 2007 were still at 41 percent and auction notices were at 43 percent.

This shift in percentages shows that a higher proportion of properties that enter the foreclosure process are ending up repossessed by lenders.

View state-by-state details. Balto.Co. has 210 homes up for foreclosure, translating into 1 foreclosure for every 1552 homes in the county; Balto. City has a 340 homes up for foreclosure, translating into a whopping 1 foreclosure for every 870 homes in the city.

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Posted in Residential Real Estate, Delinquency Rates, Foreclosures, Subprime, Attorneys, Historical Perspective, Bankers, Market Trending | One Comment