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Foreclosures Relent

RealtyTrac reports 5% decline

July 20, 2006

By MortgageDaily.com staff

Monthly foreclosures relented -- to the lowest level this year.

In June, there were 88,195 properties across the country that entered some stage of foreclosure, falling 5 percent from the total in May but 17 percent higher than in the same month a year ago, RealtyTrac announced. The total put the national foreclosure rate at one new foreclosure filing for every 1,311 U.S. households.

"New U.S. foreclosures dropped to their lowest level of the year in June, despite some of the sensational and misleading figures that we've seen reported recently," James J. Saccacio, RealtyTrac chief executive, said in the announcement. "We think it's irresponsible to present falsely-inflated numbers to the media for commercial gain as we've seen happen recently. The fact is that most states, with the notable exception of California, Ohio and Nevada, reported decreased numbers of foreclosure filings in June."

While Colorado experienced a decline in monthly foreclosure activity -- by 12 percent to 3,695 properties -- in June, it still had the highest rate in the nation for the fourth consecutive month -- with one new foreclosure filing for every 495 households or 2.7 times the national average, RealtyTrac said.

Compared to being the seventh in line a month prior, Nevada jumped to having the second highest foreclosure rate nationwide -- one new foreclosure for every 697 homes -- due to a 13 percent increase in properties at some stage of foreclosure during June.

The Silver State's jump pushed Georgia down to the third-highest rate, with one new foreclosure filing for every 705 households, RealtyTrac said.

Despite a decline of 22 percent from May, Texas led the nation in the number -- 11,355 -- of properties in foreclosure, the announcement said.

With a 15 percent increase in homes entering some stage of foreclosure, California leapfrogged to the second most foreclosure filings of any state in June, pushing Florida down to third.

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