Foreclosure Activity Decreases 3% in June, According to RealtyTrac(r)

Foreclosure Activity Up 53 Percent From June 2007

IRVINE, Calif. – July 10, 2008 – RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its June 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 252,363 U.S. properties during the month, a 3 percent decrease from the previous month but still a 53 percent increase from June 2007.

The report also shows one in every 501 U.S. households received a foreclosure filing during the month.

“June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“Foreclosure activity slipped 3 percent lower from the previous month, but the year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle.

"Bank repossessions, or REOs, continue to increase at a much faster pace than default notices or auction notices. REOs in June were up 171 percent from a year ago, while default notices were up 38 percent and auction notices were up 22 percent over the same time period.”

Despite slight monthly decreases in foreclosure activity, Nevada, California and Arizona continued to document the three highest state foreclosure rates in June. (Las Vegas night photo at middle right; Los Angeles evening skyline at left)

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

For a complete copy of the report, please contact Tammy Chan, Atomic PR,

415-402-0230
tammy@atomicpr.com