US Bank House Repossessions Treble In July

US banks repossessed almost three times as many US homes in July than a year earlier and the number of homes receiving a foreclosure notice jumped 55 percent as more homeowners defaulted on their mortgages in the face of falling prices, RealtyTrac, an Irvine, California-based seller of foreclosure data, said today in a statement.

Bank seizures rose 184 percent to 77,295, the steepest increase since reporting began in January 2005, More than 272,000 properties, or one in 464 U.S. households, got a default notice, was warned of a pending auction or were foreclosed on.