Foreclosures slow in Washington and U.S., due to processing delays

Foreclosures slow in Washington and U.S., due to processing delays

Fewer U.S. homes entered the foreclosure process or were seized by lenders in July, the latest sign banks are taking a measured approach to moving against homeowners who have fallen behind on mortgage payments.

Some 59,516 homes received an initial default notice last month, down 7 percent from June and down 39 percent from July 2010, foreclosure listing firm RealtyTrac Inc. said Thursday. The notices, which are the first step in the foreclosure process, have fallen 58 percent below their April 2009 peak…

In Washington state 3,602 homes, or one in every 171, received a notice of default, were scheduled for an auction or were reposessed last month.

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