Industry News

Foreclosures come down off 30-month high

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National foreclosure activity was down in June compared to the previous month, but is still well above activity for the same month a year ago, a foreclosure reporting service said today. According to RealtyTrac, a total of 164,644 foreclosures were filed in June, down 7 percent from May and up 87 percent from June 2006. The company's report also shows a national foreclosure rate of one foreclosure filing for every 704 U.S. households for the month. "Foreclosure activity subsided somewhat in June after hitting a 30-month high in May," said James J. Saccacio, CEO of RealtyTrac. "And the drop in activity was fairly broad, with 33 states reporting month-over-month decreases. Still, the foreclosure rates in most states remained substantially above last year's levels." Nevada, California and Colorado posted the top foreclosure rates in the nation, RealtyTrac said. With one foreclosure filing for every 175 households in June, Nevada documented a foreclosure rate more than four ...