Industry News

Real estate foreclosures slow in June

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The number of U.S. properties entering the foreclosure process dipped in June from the previous month, but were considerably higher than a year ago, according to an industry report released today. A total of 88,195 properties entered some stage of foreclosure in June, down 5 percent from one month earlier, but were still 17 percent above the June 2005 level, according to RealtyTrac's June foreclosure market report. The report shows a June national foreclosure rate of one foreclosure filing for every 1,311 U.S. households. "New U.S. foreclosures dropped to their lowest level of the year in June, despite some of the sensational and misleading figures that we've seen reported recently," said James J. Saccacio, chief executive officer of RealtyTrac. "We think it's irresponsible to present falsely inflated numbers to the media for commercial gain as we've seen happen recently. The fact is that most states, with the notable exception of California, Ohio and Nevada, reported decreased numbe...