U.S. properties in foreclosure fall 14% in June, report says
The number of U.S. properties in some stage of the foreclosure process fell 14% in June from a month earlier, an indication the housing market continues to mend, a new report said.
A total of 127,790 properties had either a default notice, were scheduled for auction or had already been repossessed by the bank – a 35% decline from a year earlier and the lowest level since December 2006, according to RealtyTrac, an Irvine real estate data firm.
RealtyTrac’s midyear foreclosure report, released Thursday, also examined data in six-month chunks.
In the first half of this year, 801,359 U.S. properties were in the foreclosure process, a 23% decline from the same period last year.
Of those properties, 86,936 were in California. That is about 60% less than the same period last year.
“Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally, they continue to be a thorn in the side of several state and local markets, particularly where a backlog of delayed distress has built up thanks to a lengthy foreclosure process,†said Daren Blomquist, vice president at RealtyTrac.
The Golden State has the 12th most properties in the foreclosure process.
Florida has the most with more than 155,000 properties. Nevada and Illinois are second and third, respectively.
RealtyTrac’s entire report can be found here.
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