Foreclosures Drop in June 2008

We continually hear all the bad news regarding foreclosures here’s some good news that you won’t read in print.

Realty Trac, a leader in tracking foreclosures, reported that foreclosure filing nationwide dropped by 3.4% in June 2008 compared to May 2008.

Arizona, California, and Nevada are leading the country in foreclosure filing.

Nevada has the highest rate of foreclosure filings with 1 home in every 122 or .0082% in foreclosure, which represents a decline in foreclosures of 3.3%. California foreclosure filings have dropped by 4.5%. Arizona’s foreclosures remained about the same from May 2008 to June 2008 with about 1 home in 201 or .005% in foreclosure.

What the foreclosure filing information does not tell us are the number of homes that had a foreclosure filing but were redeemed through either a sale or the owners bringing the mortgages current.

In 2007, the press reported that 2007 was the super bowl of foreclosures. What the press did not report was that one-third of the homes that entered foreclosure were redeemed.

For up to date information go to www.RealtyTrac.Com