Diana Olick recaps recent foreclosure activity for the month of June and REO Inventory

Diana Olick recaps recent foreclosure activity for the month of June and REO Inventory. Bank home repossessions in July clocekd in at 93,000 reflecting a 9% increase over June. Between FHA, Fannie and Freddie, 236,338 homes are in foreclosed inventory. It is estimated that current inventory of foreclosed residential properties among all public and private lenders is just under 600,000 and unfortunately, it is on the rise.

Grandpa

RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for July 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 325,229 properties in July, a nearly 4 percent increase from the previous month but a nearly 10 percent decrease from July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.

“July marked the 17th consecutive month with a foreclosure activity total exceeding 300,000,” said James J. Saccacio, chief executive officer 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.”

And the U.S. Government continues to throw BILLIONS at housing (an exercise in futility) while placing our grandchildren in financial harms way. The fiscal insanity continues!!