U.S. home foreclosures rise 4 percent in July

08:38, August 13, 2010      

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U.S. home foreclosures rose nearly 4 percent in July from a month earlier, indicating that home prices may face more downward pressure from increasing foreclosed properties, a leading housing market data tracking company reported on Thursday.

The number of foreclosure activities, which incorporates all three phases of foreclosure including default notices, scheduled auctions and bank repossessions, totaled 325,229 in July, up nearly 4 percent from the previous month but down nearly 10 percent from the same period last year, RealtyTrac said in a report. One in every 397 households received a filing.

"July marked the 17th consecutive month with a foreclosure activity total exceeding 300,000," said James Saccacio, chief executive of RealtyTrac.

"Declines in new default notices, which were down on a year- over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth straight month. "

Lenders seized 92,858 properties in July, a 9 percent increase from the previous month and a 6 percent increase from July 2009. It was the second highest monthly total since RealtyTrac began tracking bank repossessions in April 2005.

Rick Sharga, senior vice president of marketing at RealtyTrac, said that the increase in home foreclosures was primarily due to stubbornly high unemployment and economic displacement.

Unemployment rate stayed flat at a near record high of 9.5 percent in July, and nonfarm payroll employment declined by 131, 000, the Labor Department reported last week.

Total foreclosure activities reached 1.65 million in the first six months of 2010, a 5 percent decrease from the previous six months but an 8 percent increase from the same period last year.

Source: Xinhua

(Editor:张茜)

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