U.S. home default notices declined 7% last month

8/13/2011

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

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