RealtyTrac, a leading online firm which tracks the market for foreclosed property, reports that foreclosures fell to their lowest levels in six years in June.
“Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally they continue to be a thorn in the side of several state and local markets, particularly where a backlog of delayed distress has built up thanks to a lengthy foreclosure process,” said Daren Blomquist, vice president at RealtyTrac.
“The increases in judicial foreclosure auctions demonstrate that these delayed foreclosure cases are now being moved more quickly through to foreclosure completion,” Blomquist said.
“Given the rising home prices in most of these markets, it is an opportune time for lenders to dispose of these distressed properties, either at the foreclosure auction to a third-party buyer, or by repossessing the property at the auction and subsequently selling it as a bank-owned home,” he said.
The firm reported that 127,790 U.S. properties had foreclosure filings in June, down 14% from May and down 35% from June 2012. The number of properties starting the foreclosure process dropped 21% from May and down 45% from June of 2012.
Bank repossessions also dropped, down 9% from May and 35% from June of last year, RealtyTrac said.