Fueled by an increase in bank repossessions, U.S. home foreclosure rate increased by 7 percent in July, according to the latest U.S. Foreclosure Market Report from RealtyTrac. Foreclosure filings were entered for a total of 124,910 properties nationwide—representing the highest number of filings in a single month since January 2013. Daren Blomquist, vice president of RealtyTrac, says the increase in foreclosures is not for newly distressed properties. He told RIS Media, “This clearing of old distress is evident in the fact that properties foreclosed in the second quarter had been in the foreclosure process an average of 629 days.”

To learn more, read the entire article.

Image Source: David Shankbone