Bank repossessions reach highest levels since 2013

Takeaways: U.S. properties with foreclosure filings rose by 14 percent on a year-over-year basis in July. Foreclosure activity also increased by 7 percent on a month-over-month basis. Rapidly rising bank REOs are the reason cited for the uptick in overall foreclosure filing volume. The volume of U.S. properties with foreclosure filings -- default notices, bank repossessions (REOs) and scheduled auctions -- rose by 14 percent on a year-over-year basis in July to 124,910. According to RealtyTrac’s U.S. Foreclosure Market Report, foreclosure activity also increased by 7 percent on a month-over-month basis. Rapidly rising bank REOs are the reason cited for the uptick in overall foreclosure filing volume. The number of bank REOs in July reached the highest level seen in two years. At the same time, the number of foreclosure starts that occurred during July represented the lowest level since November 2005. “The recent rise in bank repossessions represents banks...