U.S. foreclosure activity was higher in July than in June as filings increased by 4% to 325,229, according to foreclosure data firm RealtyTrac. This reversed a three-month trend of fewer filings. While disappointing for that reason, last month's performance was still much better than July 2009, with foreclosure activity declining by 10%. That now ranks as the largest year-over-year drop, surpassing June's 7% decline. So while filings remain quite high, the long-term trend continues to improve.
Let's start with a chart showing some history:
As you can see, monthly foreclosure activity has been above 300,000 for 17 straight months. Even though July had more filings than June, the year-over-year decline stayed on track:
This trend couldn't be much clearer. Although the downward decline in year-over-year foreclosure activity hasn't bee a quick one, it has been consistent.
In July one in every 397 properties received a foreclosure filing. Nevada remained the worst state, with one in every 82 homes filing. Although the state's foreclosure activity increased in July compared to June by 7%, it was down 30% compared to a year earlier. The other top ten all remained the same, though a few switched places on the list: