RealtyTrac, a leading online source for foreclosed anddistressed real estate, reported that the overall foreclosurescontinue to drop in July even as the number of properties slidinginto the foreclosure process dropped.

“U.S. foreclosure activity continued its uneven descent in Julyas the overall numbers declined on an annual basis for the 22ndstraight month, but properties starting the foreclosure processincreased on an annual basis for the third straight month,” saidDaren Blomquist, vice president of RealtyTrac.

“Recent foreclosure activity patterns vary significantly fromstate to state, often hinging on the level of dysfunction thatexists in each state's foreclosure process. In states like Florida,Illinois and New Jersey, where processing and procedural issuesslowed foreclosure activity to a crawl last year, foreclosurenumbers continue to rebound off those artificially low levels. Butin states like Texas, Arizona and Virginia, where the average timeto foreclose is well below the national average of 378 days,foreclosure activity continues on a long-term downward trend.

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