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U.S. Foreclosure Rates Decline in June, Says Realtytrac

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According to Realtytrac's most recent survey, foreclosures in the United States are down 3.0% in June compared to the previous month's levels, but up 53% from the previous year.

"June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings," according to James J. Saccacio, CEO of RealtyTrac. "Foreclosure activity slipped 3 percent lower from the previous month, but the year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle. Bank repossessions, or REOs, continue to increase at a much faster pace than default notices or auction notices. REOs in June were up 171 percent from a year ago, while default notices were up 38 percent and auction notices were up 22 percent over the same time period."

In Nevada, 1 in 122 homes experienced foreclosures followed by California (1 in 192) and Arizona (1 in 201).

In the United States, North and South Dakota reported the lowest foreclosure rates (1 in 27,982 and 1 in 12,166 respectively), followed by West Virginia (1 in 10,450)

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008

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