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Bank repossessions drive up July foreclosures (Reuters)

A man talks on his mobile phone as he and a cyclist pass a billboard advertising luxury apartments currently under construction in central Beijing August 11, 2010. With inflation rising back above the government's 3 percent target in July, Beijing is particularly anxious to take the air out of an inflated property market. The government has increased down payments and mortgage rates, making it tougher to buy multiple homes and tightened financing for developers. But the curbs are sapping demand for everything from steel to sofas and apartment prices in major cities, while no longer rising, are still beyond the reach of ordinary people -- an incendiary issue for the ruling Communist party. REUTERS/David Gray (CHINA - Tags: BUSINESS CONSTRUCTION SOCIETY)Reuters - More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace.