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Foreclosure-related filings dip 3.4% in June

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The number of homes subjected to foreclosure-related filings fell 3.4 percent nationwide from May to June, data aggregator RealtyTrac reported today, thanks in part to improvements in the two states with the highest rate of foreclosure filings -- Nevada and California. The 253,363 properties subjected to filings in June represented a 53.3 percent increase from a year ago, RealtyTrac said, with bank repossessions increasing at a much faster clip than default notices or auction notices. Bank repossessions were up 171 percent from a year ago, to 71,563, compared with a 38 percent gain in default notices and a 22 percent increase in auction notices from a year ago. One reason for the sharp year-over-year increase in bank repossessions is that it can take months for properties to work their way through the foreclosure process. Not all foreclosure-related filings result in foreclosure, because borrowers may be able to refinance their loans, and lenders will sometimes work out l...