The number of homes in the US lost to foreclosure surged in July, since the lenders are moving quickly to take back properties from homeowners behind their mortgage payments.
Lenders repossessed 92,858 properties last month, up 9% from June, an increase of 6% from July2009.
Banks have stepped up repossessions this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increase on an annual basis. The number of properties receiving an initial notice of default rose 1% last month from June, but tumble 28% versus July 2009.
More than 1 Million American households are likely to lose their homnes to foreclosure this year. 325,229 properties received a foreclosure warning in July, 4% up from June, that translates to one in 397 US Homes. All this is according to Realty Trac Inc
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