IRVINE, CA-Banks repossessed 92,858 properties in July 2010, a 9% increase during the month and the second largest volume of homes taken over in a month.
The homes taken over were those already existing as distressed assets in the banks' books rather than those related to new foreclosures. RealtyTrac, which has issued these statistics, foresees over one million home repossessions in 2010. Foreclosure auctions were also conducted for the first time, in conjunction with repossessions, in July 2010. For the full story, go to Reuters.
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