According to an article by AOL, home foreclosure filings in the US reached a six and half year low in June, based on figures from a RealtyTrac. Apparently there were 127,790 properties with foreclosure filings for that month, a decrease of 14% compared to May, and a massive 35% decrease compared to a year earlier. This figure is the lowest since December 2006.
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In addition fewer homes were entering the foreclosure process, and during the first six months of this year, banks seized 248,538 homes. This figure would mean that repossessions would total about 500,000 for the year, down from 671,000 last year. These figures would show the market is getting closer to having normal foreclosure levels nationwide. While repossessions dropped in 34 states in June compared to a year ago, some states did see significant increases including Arkansas, Maryland and Oklahoma.
It also appears as if judicial states that the process foreclosures through the court system are beginning to get through the backlog of cases. In June, judicial foreclosure auctions were scheduled for 28,296 properties, an increase of just 1% compared to May, but a massive increase of 34% compared to last year. Some of the states showing the biggest yearly increases in judicial foreclosure auctions are those that have previously had a backlog of distressed homes. These states include Florida, New Jersey and New York.
The average time taken to complete the foreclosure process is still increasing, and was up to 577 days during the second quarter, compared to 526 days in the first quarter. The states of New York and New Jersey are seeing the longest foreclosure times, taking an average of 1,033 days to complete the process. The highest foreclosure rate for the first six months of the year was found in Florida, with foreclosures being filed on 1.7% of homes which equates to one in every 58. This figure is nearly 3 times the national average which is one in every 164 properties.