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.

Foreclosure filings were down 4 percent from the first quarter of 2010 to the second, with 895,521 homes receiving some kind of filing — about the same number during the same period a year ago. Among those filings, bank repossessions (REOs)were up 5 percent from the previous quarter and 38 percent from a year ago, to 269,962 — a new quarterly high for the report.

Data collected from loan servicers by Lender Processing Services showed a similar trend in May, with inventories of bank-owned properties growing for the fifth month in a row, to 1.13 million.

According to RealtyTrac, the 10 states with the highest foreclosure rates during June were:

1. Nevada (one filing per 88 homes)
2. Florida (one per 171 homes)
3. Arizona (one per 189 homes)
4. California (one per 194 homes)
5. Utah (one per 263 homes)
6. Michigan (one per 265 homes)
7. Idaho (one per 285 homes)
8. Georgia (one per 334 homes)
9. Illinois (one per 358 homes)
10. Maryland (one per 370 homes)

Looking back a year, foreclosure-related filings were down in half of those states: Nevada (-31.6 percent), Florida (-2.5 percent), Arizona (-14.3 percent), California (-31.6 percent), and Georgia (-14.2 percent). Filings were up 3.4 percent in Utah, 25.8 percent in Michigan, 19.8 percent in Idaho, 36.5 percent in Illinois, and 103.3 percent in Maryland.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription