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Foreclosures Continue Uptick As Banks Reel Under Huge Inventories

Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up 55% from about 175,000 in the same month last year and up 8% from June, RealtyTrac Inc. disclosed. That means one (1) in every 464 U.S. households received a foreclosure filing last month.

Irvine (CA)-based RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 77,000 properties were repossessed by lenders nationwide in July, the company noted. The highest foreclosure rates were in Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan. Foreclosure filings increased from a year earlier in all but eight states.

The combination of weak housing sales, falling home values, tighter mortgage-lending criteria and a slowing U.S. economy has left financially strapped homeowners with few options for avoiding foreclosure. Many can�t find buyers or owe more than their home is worth, and thus can�t refinance into an affordable loan.

As foreclosures soar, banks and mortgage investors are also facing a pileup of foreclosed properties on their books and are cutting prices dramatically.

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