Foreclosures Eased Compared to May

REALTOR® Magazine Online Edition Daily Real Estate News July 10, 2008

Foreclosures declined 3 percent from May to June but were still up 50 percent compared with June of 2007, according to RealtyTrac Inc., which monitors the foreclosure process.

One in every 501 U.S. households received a foreclosure filing last month.

Foreclosure filings increased from a year earlier in all but 11 states. Nevada, California, Arizona, Florida and Michigan continued to have the highest foreclosure rates.

In today's market, about 50 to 60 percent of borrowers nationally who receive foreclosure filings are now likely to lose their homes, said Rick Sharga, RealtyTrac's vice president of marketing, compared with a typical rate of about 40 percent.

Source: The Associated Press, Alan Zibel (07/10/2007)