Number of Homes Facing Foreclosure Rose in July

Number of Homes Facing Foreclosure Rose in July

The AP (8/9, Veiga) reports, "More US homes started on the foreclosure path in July, as lenders tackled a backlog of mortgages gone unpaid even as they pulled back on home repossessions. The number of homes that received an initial notice of default – the first step in the foreclosure process – increased 6 percent in July compared to the same month last year, foreclosure listing firm RealtyTrac Inc. said Thursday."