In general, credit unions appear to be foreclosing on a smaller percentage of their mortgage loans than other financial institutions and are usually taking longer to do it, according to credit union executives and NCUA data.

RealtyTrac, an organization that bills itself as the "leading online marketplace of foreclosure properties," reported that foreclosures nationwide rose 7% in July over the previous month and were 32% over what they had been a year before. The worse states for home foreclosures were, as they have been for months, California, Florida, Arizona and Nevada. However, Utah, Idaho, Georgia, Illinois, Colorado and Oregon were also high in the firm's rankings.

"July marks the third time in the last five months where we've seen a new record set for foreclosure activity," noted James J. Saccacio, CEO of RealtyTrac. "Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions."