Filingsrnin all three categories were down from the previous month and the same period arnyear earlier.  Notices of Default and LISrnwere filed for the first time on a total of 59,516 properties, down 7 percentrnfrom June and a 39 percent decline from June 2010.  Default notices have declined 58 percent sincernhitting a monthly peak of 142,064 in April 2009.</p

Foreclosurernauctions were scheduled for 85,419 homes, a 36 month low.  The figure was down 5 percent from June and arnyear-over-year decrease of 37 percent. rnForeclosures were completed on 67,829 properties (REO), down one percentrnin a month and 27 percent lower than the previous June.  REOs were 34 percent below the peak inrnrepossessions (102,134) in September 2010, just before the robo-signingrncontroversy sparked nationwide foreclosure moratoria. </p

“July foreclosure activity dropped 35 percentrnfrom a year ago, marking the 10^th straight month of year-over-yearrndecreases in foreclosure activity and the lowest monthly total since Novemberrn2007,” Saccacio said.   “This string of decreases was initiallyrntriggered by the robo-signing controversy back in October 2010, which forcedrnlenders to substantially slow the pace of foreclosing, but the downward trendrnin foreclosure activity has now taken on a life of its own. It appears that thernforeclosure processing delays, combined with the smorgasbord of national andrnstate-level foreclosure prevention efforts – including loan modifications,rnlender-borrower mediations and mortgage payment assistance for the unemployed -rnmay be allowing more distressed homeowners to stave off foreclosure. </p

 WhilernSaccacio is correct that movement through the foreclosure pipeline has slowedrndramatically and the backlog serious delinquencies and shadow inventory of REOrnare growing, every foreclosure report issued in the last few months regardlessrnof its source, has shown a steady decline of delinquencies, and defaults, andrnthus fewer homeowners entering that pipeline. rn</p

 Nevadarncontinues to hold on to first place among states suffering the highest levelsrnof foreclosure filings.  A total of 9,930rnproperties received a filing in July, one in every 115 housing units.  This is, however, a 1 percentrnmonth-over-month decrease and a 28 percent drop year-over year.  This is the 55^th straight monthrnNevada has led the nation in the ratio of filings. </p

Californiarnand Arizona had the second and third highest rates.  California logged 56,193 filings, one in everyrn239 housing units, a 4 percent decrease since June and a 16 percent drop sincernJune 2010.  Arizona, which spent thernseven previous months in second place, dropped a spot after a 25 percentrnreduction in filings since June.  Therernwere 10,098 filings, one in every 273 housing units a 39 percent decrease inrnone year. </p

Otherrnstates with foreclosure rates ranking among the top 10 were Georgia, Utah,rnFlorida, Michigan, Idaho, Illinois and Wisconsin.</p

Foreclosurernactivity continues to be relatively localized; ten states account for 73rnpercent of all foreclosures filed. rnCalifornia’s total of 56,193 was the highest number reported by anyrnstate followed by Florida with 22,377 (but still a 57 percent drop from Junern2010), Georgia (11,461), Michigan (10,894), and Illinois (10,571).  Georgia and Illinois numbers were driven byrnlarge increases in REO activity; 25 percent and 16 percent respectively.  </p

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