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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  August 12, 2010  |   Repossessions Rise as New Foreclosures Drop
Banks are aggressively clearing out their inventory of bad loans.

Lenders repossessed 92,858 properties in July, up 9 percent from June and up 6 percent from a year ago, foreclosure listing firm RealtyTrac said today.

Meanwhile, the number of properties receiving an initial default notice, the first step in the foreclosure process, rose 1 percent from June, but was down 28 percent compared to last year.

The 10 states with the highest foreclosures rates were: Nevada, Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia, and Maryland.

Source: Associated Press, Alex Veiga (08/12/2010)

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