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Western states grow REO inventories

ForeclosureRadar expands coverage to five states

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Inventories of bank-owned "REO" homes in five western states now tracked by ForeclosureRadar were up 18.1 percent in August compared to a year ago, but the number of properties in the foreclosure process showed more modest 2.9 percent growth over the same period.ForeclosureRadar's monthly reports, previously confined to California, now cover Arizona, Nevada, Oregon and Washington. The reports break down foreclosure filings and inventories by state, county, city and ZIP code.In its August report, ForeclosureRadar was tracking 436,698 homes that were in the foreclosure process in five states, each having been scheduled for sale at auction or hit with a notice of default. Another 171,099 homes were in lenders' REO inventories, having failed to attract acceptable bids at auction.Lenders in ForeclosureRadar's coverage area repossessed 24,071 homes in August, 31.3 percent fewer than during the same month a year ago, while sales to third parties were up 18.9 percent from a year ago,...