The Real Deal Miami

U.S. bank repossessions triple

August 14, 2008 08:57AM

Bank repossessions around the U.S. nearly tripled in July compared to last year, for an 184 percent increase, while the number of homes getting foreclosure notices spiked 55 percent, according to RealtyTrac. “It’s getting worse,” said Rick Sharga, RealtyTrac’s executive vice president for marketing. “The number of properties that have been foreclosed on by the banks and still haven’t sold is the highest we’ve ever seen.” Nevada, California and Florida recorded the highest rates. On Long Island, 150 homes were repossessed. Nassau County saw a 97 percent increase from a year ago. [Bloomberg] and [Newsday]