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Foreclosure Activity Drops to Lowest Level since 2006
Realty Trac / July 9, 2013
Foreclosure Starts on Pace to Hit 800,000 for Year, REOs Nearly 500,000 for Year, Florida, Nevada, Illinois Post Highest State Foreclosure Rates in First Half of Year
IRVINE, Calif. – July 11, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for real estate data, today released its Midyear 2013 U.S. Foreclosure Market Report™, which shows a total of 801,359 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the first half of 2013, a 19 percent decrease from the previous six months and down 23 percent from the first half of 2012. The report also shows that 0.61 percent of all U.S. housing units (one in 164) had at least one foreclosure filing in the first six months of the year.
- A total of 127,790 U.S. properties had foreclosure filings in June, down 14 percent from the previous month and down 35 percent from a year ago to the lowest monthly level since December 2006 — a six and a half year low.
- U.S. foreclosure starts in June dropped 21 percent from the previous month and were down 45 percent from a year ago to the lowest monthly level since December 2005 — a seven and a half year low. Year to date through June, 409,491 foreclosure starts have been filed nationwide, on pace to reach more than 800,000 for the year, which would be down from 1.1 million foreclosure starts in 2012.
- Foreclosure starts in June decreased from the previous month in 38 states, including Nevada (down 84 percent), Colorado (down 62 percent), New Jersey (down 40 percent), Illinois (down 39 percent) and Florida (down 26 percent).
- Bank repossessions (REO) in June decreased 9 percent from the previous month and were down 35 percent from a year ago. Year to date through June, a total of 248,538 bank repossessions have occurred nationwide, on pace for nearly 500,000 for the year, which would be down from more than 671,000 in 2012.
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