July Sees 4 Percent Increase In Foreclosures

According to a recent report, the number of Americans falling behind on their mortgage payments is still increasing. The latest RealtyTrac figures show that the number of foreclosures - including default notices, bank repossessions and scheduled auctions - climbed 4 percent in July.

Filings were reported on 325,229 properties in July, accounting for one out of every 397 homes in the U.S. Despite the monthly increase, the current foreclosure rate is a 10 percent decline from July 2009.

"July marked the 17th consecutive month with a foreclosure activity total exceeding 300,000," RealtyTrac CEO James Saccacio said. "Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth straight month."

More federal, state and local initiatives are being launched to provide some form of debt relief to homeowners and curb the amount of foreclosures. Consumers may also benefit from educational resources, tutorials and money management sessions offered by credit counseling services located across the country.