U.S. foreclosure actions fall in June

08:40, July 15, 2011      

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The number of U.S. foreclosure actions declined in June as banks tried to negotiate a settlement with regulators over their repossession practices, foreclosure listing company RealtyTrac reported on Thursday.

Banks filed actions against 222,740 U.S. properties in June, a 29-percent decrease from the same month a year earlier, marking the ninth consecutive month that foreclosure actions -- notices of default, scheduled auctions and bank repossessions -- fell on a year-over-year basis, according to RealtyTrac based in Irvine, about 35 miles (about 56 kilometers) south of Los Angeles.

June's tally represented an increase of nearly four percent compared with May, the firm said in a report appearing on the website of The Los Angeles Times.

Analysts attribute the annual declines to major banks slowing their processes as they try to negotiate a settlement with state and federal regulators over their repossession practices.

The number of homes taken back by banks in June fell 19.5 percent compared with the same month a year earlier. Those repossessions ticked up three percent from May. A total of 68,851 homes were lost to foreclosure nationally last month.

The U.S. is on pace to record 800,000 to 850,000 home repossessions this year, still a high number for the U.S. but significantly below the one million to 1.2 million repossessions projected by RealtyTrac.

On the front end of the process, 30,202 homes in June received notices of default, the first legal step in the repossession process. That tally dropped 20.6 percent from the same month a year earlier but increased 6.1 percent from May.

In California, 54,087 properties received foreclosure filings last month, a 21.7-percent decline from the same month a year earlier, though a 4.2-percent increase from May.

California registered the nation's third-highest state foreclosure rate, with 1.96 percent of its housing units, or one in 51, receiving a foreclosure filing from January to June, according to the report.

Source: Xinhua
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