RealtyTrac: Foreclosure Filings Dip

Foreclosure filings declined 3% in June but were still 51% higher than the level recorded a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif. The company's U.S. Foreclosure Market Report indicates that foreclosure filings -- default notices, auction sale notices, and bank repossessions -- were reported on 252,363 properties in June. "June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings," said James J. Saccacio, RealtyTrac's chief executive officer. "Foreclosure activity slipped 3% lower from the previous month, but the year-over-year increase of more than 50% indicates we have not yet reached the top of this foreclosure cycle." Bank repossessions continued to increase much faster than default notices or auction notices in June, he said. The company reported that Nevada, California, and Arizona again recorded the highest foreclosure rates in June. RealtyTrac can be found online at http://www.realtytrac.com.