RealtyTrac: June foreclosures up for first time in three months

Four percent increase means a step toward clearing the housing market backlog

July 18, 2011
foreclosures, housing market, delinquent homes, foreclosure filings

The number of U.S. homes that received foreclosure filings rose in June for the first time in three months, a survey said on Thursday, representing a small step toward clearing the housing market backlog, according to Reuters.

Notices of default, auction sale or bank repossession were sent to 222,740 properties in June, a 4 percent increase over May, real estate data firm RealtyTrac said.

Banks had slowed foreclosures, in part because they were worried about a flood of homes hitting the market and depressing prices and also as a result of a scandal involving alleged irregularities in their processing, said Rick Sharga, vice president of marketing at RealtyTrac.

The number of homes receiving foreclosure filings in the first six months of 2011 dropped by a quarter over the last half of 2010 and by 29 percent over the same period last year to 1,170,402 homes. One in 111 homes received at least one foreclosure filing in the first six months of this year.

Second-quarter data also showed a decrease in foreclosure filings, with only 608,235 receiving notices, the lowest since the fourth quarter of 2007.

For more information: http://www.reuters.com/article/2011/07/14/us-usa-economy-realtytrac-idUSTRE76D0GN20110714

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