As the numbers and statistics do not improve for the economy, banks are acting like any business and clearing out their inventory- in this case bad loans. Lenders repossessed 92,858 properties in July 2010, up 9% from June 2010 and up 6% from July 2009. This means that they are not just letting people sit in homes that the foreclosure process has begun on, they are going out and taking the houses back. Luckily, there are less homes this year than last year that are receiving the initial default notice, the first step in the foreclosure process. It rose just 1% from June to July of this, and is down at whopping 28% from 2009. The states most affected by foreclosures continue to be: Nevada, Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia, and Maryland.
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