Pace of foreclosures rose in July

IRVINE, Calif., Aug. 12 (UPI) -- U.S. foreclosure activity topped 300,000 in July for the 17th consecutive month, online marketplace RealtyTrac reported Thursday.

Counting default notices, involuntary home auctions and bank repossessions, RealtyTrac said foreclosures rose nearly 4 percent in the month with 325,229 properties involved.

Foreclosures in the month came to one in every 397 U.S. housing units, the company said.

July foreclosures also mark the eighth consecutive month in which the rate rose compared to a year ago, although in July 2010 foreclosures were nearly 10 percent lower than July 2009.

Default notices increased 1 percent from June to July, while foreclosure auctions rose 2 percent month-to-month. Repossessions, which peaked in May at 93,777, hit the second highest level since 2005, when RealtyTrac first monitored home seizures.

In July, 92,858 homes were repossessed by banks.

Nevada's foreclosure rate lead the country with one of every 82 housing units either in default, put up for auction or seized. In Arizona, next on the list, one of every 167 housing units was involved in foreclosure. In Florida, one of every 171 housing units faced foreclosure in July.