Industry NewsMarkets & Economy

Top 10 states for June foreclosure rates

Filings down 7% from year ago
Published on Jul 16, 2010

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by CareyBot

Foreclosure-related filings fell 3 percent from May to June and were down 7 percent from a year ago, data aggregator RealtyTrac reported Thursday, with 313,841 homes subjected to a default notice, auction sale notice, or bank repossession.

During the second quarter, the pace at which homes entered the foreclosure process slowed as lenders delayed foreclosure proceedings and implemented more aggressive short sale and loan modification initiatives, said James Saccacio, chief executive officer of RealtyTrac.

But the pace of properties completing the foreclosure process through bank repossession quickened as lenders cleared out a backlog of distressed inventory delayed by foreclosure prevention efforts in 2009, Saccacio said in a press release.