Foreclosure numbers slip in June

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Good morning. Foreclosure activity, as tracked by RealtyTrac, paused in June after a big spike in May. From Reuters via CNBC: ‘U.S. home foreclosures fell in June after jumping to a 30-month peak in May, but default rates will escalate as a horde of mortgages resets at higher loan rates, real estate data firm RealtyTrac said Thursday.... Foreclosure filings fell 7% in June to 164,644 after jumping 19% in May, but they remain 87% above last June’s pace, with one filing for every 704 households, RealtyTrac said in a monthly report.’

In California, foreclosure activity slipped 2% from May to June but is running 286% ahead of last June’s levels.

Note: We’ll update this post later today with additional stats and analysis, but we wanted to post something early.

Comments? Thoughts? Remember, RealtyTrac keeps track of foreclosure ‘activity,’ so a single house shows up several times in the stats. That said, the numbers are meaningful because they show trends pretty clearly, even if the overall raw numbers are inflated by double- and triple-counting.

Photo Credit: LATimes