Realty Trac details
Realty Trac, in its July 2008 U.S. Foreclosure Market Report, indicated that 272.2k U.S. properties had either received default notices, auction sale notices or were repossessed by banks, an 8 percent increase from the June data. On a July 2007 - July 2008 basis, foreclosures are up 55% and one in every 464 U.S. households received a foreclosure filing in July.
Bank repossessions were the fastest growing portion of the foreclosure market, indicating a 184% year on year increase. The year on year increase in default notices was on the order of 53% and auction notices are up 11% year on year. In short, banks are now in the property ownership business and are adding to already high housing inventory numbers, suggesting that the work off may be longer than the 11 months noted in the last spate of housing data.