July foreclosure data from RealtyTrac shows that REO levels in July were at the second highest level since the company started reporting in April of 2005.
The highest point ever recorded by the company was just two months ago, in May, when there were 93,777 properties that went back to banks as REO. In July, that number was only one percent less, at 92,858.
However, RealtyTrac said that foreclosure filings categorized as a notice of default through REO dropped almost 10 percent in July from the same month one year ago. It also dropped in June, making July the second consecutive month for yearly declines.
In July, Nevada continued to hold the #1 position as the state with the highest foreclosure rate at one in every 82 houses. Arizona was second, with one in every 167 houses and California was fourth, where one in every 200 houses received a foreclosure filing in July.