REOs swell near record level in July

RealtyTrac stats show slowdown in foreclosure starts

The number of homes entering the foreclosure process fell sharply in July compared to a year ago, but homes continued to gush out the other end of the foreclosure pipeline and were repossessed by lenders at near record levels, according the latest numbers from data aggregator RealtyTrac.

Lenders repossessed 92,858 homes in July, up 9 percent from June and 6 percent from a year ago, RealtyTrac said. It was the eighth month in a row where bank repossessions were at a higher level than the same time a year ago.