Foreclosure Activity Rose In July
The foreclosure listing service Realtytrac says more U.S. homes started on the foreclosure path in July, as lenders tackled a backlog of unpaid mortgages as they pulled back on repossessions. The number of homes receiving an initial notice of default rose 6 percent last month compared to July of last year. Realtytrac says one in every 528 housing units in Ohio received an initial notice in July, the eighth highest figure among the 50 states. Akron is ranked 13th among Metropolitan areas in foreclosure activity. Filings of initial default notices have increased on an annual basis for three consecutive months. Spokesperson Daren Blomquist says the trend comes as banks work to make up for time lost last year amid the robosignings scandal. And Blomquist says banks repossessed 21 percent fewer homes last month than in July of last year. Blomquist says repossessions have declined each month for nearly two years.