New Foreclosures Down Steeply in July

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

Some 59,516 homes received an initial default notice last month, down 7 percent from June and down 39 percent from July 2010, foreclosure listing firm RealtyTrac Inc. said Thursday.

The notices, which are the first step in the foreclosure process, have fallen 58 percent below their April 2009 peak.