News release: “RealtyTrac®, the leading online marketplace for foreclosure properties, today released its July 2008 U.S. Foreclosure Market Report, which shows foreclosure filings default notices, auction sale notices and bank repossessions were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.
“…Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices, said James J. Saccacio, chief executive officer of RealtyTrac. The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.”