Industry News

REOs comprise nearly 20% of homes on market

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Nearly one in five homes for sale in the United States are properties repossessed by lenders, data aggregator RealtyTrac reported today, as foreclosure-related filings rose 8 percent from June to July, and 55 percent from a year ago. Foreclosure-related filings -- which include default notices, auction sale notices and bank repossessions -- rose to 272,171 in July, or one filing for every 464 U.S. homes. Although not all homes subjected to foreclosure filings are ultimately repossessed by lenders, bank repossessions were the fastest-growing segment of foreclosure filings, growing 184 percent from a year ago, to 77,295. RealtyTrac said it now has more than 750,000 properties in its active real-estate-owned database, which represents 17 percent of the inventory of existing homes for sale in June, as reported by the National Association of Realtors. The rate of foreclosure-related filings was highest in Nevada, California and Florida. In Nevada, one in every 106 households s...