RealtyTrac: New Foreclosures Dip in 2Q

RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that 272,109 properties nationwide entered some stage of foreclosure in the second quarter, a 16% decrease from the level of the previous quarter but a 25% year-over-year increase.The company's 2006 Q2 U.S. Foreclosure Market Report is based on the company's database of pre-foreclosure and foreclosure properties, which it says includes nearly 600,000 properties in more than 2,500 counties across the country. "Foreclosure filings in the second quarter of 2006 present a classic 'good news, bad news' scenario," said James J. Saccacio, RealtyTrac's chief executive officer. "A 25% increase from the second quarter of 2005 obviously isn't a positive trend. But, despite some of the sensational reports we've seen lately, foreclosure filings have actually slowed down since peaking in February." The company said Colorado, Georgia, and Texas had the nation's highest foreclosure rates in the second quarter. RealtyTrac can be found online at http://www.realtytrac.com.