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Number Of Homes Facing Foreclosure Rose In July

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 LOS ANGELES (AP) -More U.S. 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 foreclosure listing firm RealtyTrac today reports that the number of homes that received an initial notice of default increased 6 percent in July compared to the same month last year.

The nation’s biggest mortgage lenders reached a $25 billion settlement in February with state officials. That cleared the way for banks to address their backlog of unpaid mortgages.

On average, 104,000 homes have entered the foreclosure process each month going back to May. RealtyTrac says that’s well below the 178,000 per-month average in 2009.

The number of homes receiving foreclosure-related notices last month increased generally in states where the courts play a role in the foreclosure process. Illinois is one of those states.