Hello neighbors,

Foreclosure filings have shown a decline in comparison to a year ago at this time according to recent data released by RealtyTrac. Last month's foreclosure filings reported a 9.7% drop from July 2009 producing the second consecutive month of yearly declines.

After enduring a 1% increase 3 months ago during the month of May, filings witnessed a 6.9% annual drop the following month in June and the almost 10% drop last month in July.

There were a total of 325,229 properties that received foreclosure filings last month which produced a 4% increase from May.

In addition to the decline of annual foreclosure filings, default notices also showed an annual decline in comparison to this time last year. There were a total of 97,123 properties that received default notices last month which was a 28% decrease from July 2009. However, in comparison to the previous month, this number increased by 1%.

RealtyTrac also reported a total of 92,858 properties that were placed back in the banks hands as REO's last month. This number was 1% below May's number of 93,777.