RealtyTrac,a leading online firm which tracks the market for foreclosedproperty, reports that foreclosures fell to their lowest levels insix years in June.
|“Halfway through 2013 it is becoming increasingly evident thatwhile foreclosures are no longer a problem nationally they continueto be a thorn in the side of several state and local markets,particularly where a backlog of delayed distress has built upthanks to a lengthy foreclosure process,” said Daren Blomquist,vice president at RealtyTrac.
|“The increases in judicial foreclosure auctions demonstrate thatthese delayed foreclosure cases are now being moved more quicklythrough to foreclosure completion,” Blomquist said.
|“Given the rising home prices in most of these markets, it is anopportune time for lenders to dispose of these distressedproperties, either at the foreclosure auction to a third-partybuyer, or by repossessing the property at the auction andsubsequently selling it as a bank-ownedhome,” he said.
|The firm reported that 127,790 U.S. properties had foreclosurefilings in June, down 14% from May and down 35% from June 2012. Thenumber 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% fromJune of last year, RealtyTrac said.
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