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Foreclosures Decline, But Not in Florida

313,841 foreclosure filings in June

July 15, 2010

By MortgageDaily.com staff


Foreclosures declined for the third straight month, while repossessions broke a three-month losing streak. As conditions worsened in Florida, neighboring state Georgia saw a big improvement.

Mortgage servicers made foreclosure filings on 313,841 U.S. homes last month, RealtyTrac reported today. Activity eased from 322,920 filings in May and 336,173 in June 2009. National activity has improved each month since March.

The Irvine, Calif., foreclosure listing service said filings included default notices, auction sale notices and bank repossessions. The findings were based on data collected from more than 2,200 U.S. counties that include more than 90 percent of the country's population.

From Jan. 1 through the end of June, 1,961,894 filings were made on 1,654,634 properties. By the end of this year, RealtyTrac projects that more than 3 million properties will be hit with a foreclosure filing.

Like every other month this year, more California properties faced foreclosure than any other state. June filings in the Golden State were 69,114 -- though still lower than 72,030 a month earlier.

No. 2 Florida, however, increased to 51,550 from 50,685 -- cutting the gap between it and California.

Michigan followed with 17,120 foreclosures, then 14,732 in Illinois and 14,424 in Arizona.

With just 12 foreclosures, Vermont continued to be the state with the lowest level of filings.

The U.S. foreclosure rate also improved last month. One filing was made for each 411 housing units, better than May's one-in-400. The year-to-date rate was one-in-78.

Nevada maintained its standing as the state with the worst foreclosure rate: one filing for every 88 homes. But the rate was better than one-in-79 during May.

The rate worsened, however, in No. 2 Florida to one-in-171 from one-in-174 -- unseating the previous month's No. 2 Arizona, where the rate improved to one foreclosure for each 189 housing units from one-in-169.

California followed with a rate of one-in-194, then Utah's one-in-263.

With just one filing for every 26,051 housing units, Vermont held on to its title as the state with the most favorable rate.

Repossessions retreated nationally, falling to 85,525 in June from 93,777 the month before. Filings had been deteriorating each month since February.

Real-estate-owned filings were worse than 79,474 in June 2009.

So far this year, U.S. REOs totaled 529,678. The total is expected to exceed 1 million by Dec. 31.

Completed foreclosures were highest in California at 13,001, though that was an improvement from 15,946 the prior month. No. 2 Florida, however, rose to 12,936 from 10,941.

Michigan was next with 6,046 REOs, then 5,894 in Arizona and 4,802 in Texas.

May's fifth worst state, Georgia, saw a big improvement -- falling from 5,299 to June's 2,709.

Just 11 foreclosures were completed in Vermont -- the fewest of any state.

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