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Another record for foreclosures in July

Short-term impact of state laws seen in RealtyTrac stats

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The number of properties subjected to foreclosure-related filings grew 7 percent from June to July, with one in 355 homes being hit with an initial default notice, notice of foreclosure sale, or foreclosed on and repurchased by a bank, data aggregator RealtyTrac reported today.The 360,149 foreclosure-related filings tallied by RealtyTrac in July represented a 32 percent increase from a year ago, and the third record in five months."Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions," RealtyTrac Chief Executive Officer James Saccacio said in a press release.In Nevada, one in 56 homes was subjected to a foreclosure-related filing in July, more than six times the national average. Nevada has had the highest foreclosure rate of any state for nearly three years, and a new state law requiring lenders to...