Five Brothers

Kristin Campbell

U.S. foreclosures decreased five percent in June from May, but are up 17 percent from June 2005, according to a reported released today by RealtyTrac, and online marketplace for foreclosed properties. RealtyTrac’s June 2006 Foreclosure Market Report shows that 88,195 properties nationwide entered some stage of foreclosure during June, which is a rate of one new foreclosure filing for every 1,311 U.S. households.

Most New Foreclosures

Texas, California, and Florida reported the most new foreclosure filings in June. Texas foreclosure activity decreased 22 percent from the previous month, but the state still reported more new foreclosure filings than any other state for the seventh month in a row. California saw a 15 percent increase from the previous month, while Florida’s filings dropped by three percent from the previous month. In contract, the bottom five states – Maine, New Hampshire, Vermont, North Dakota, and Washington D.C. – had a combined total of 42 new foreclosures.

State New Foreclosures in June

1. Texas 11,355

2. California 10,031

3. Florida 8,605

Top Foreclosure Rates

For the fourth month in a row, Colorado had the top foreclosure rate in the country, with 3,695 properties entering some state of foreclosure in June, or one new filing for every 495 households – a 12 percent decrease from May but still a 61 percent year-over-year increase. Nevada came in second in June, up from seventh highest in May. And Georgia had the third highest foreclosure rate.

State 1 for every # households

1. Colorado 495

2. Nevada 697

3. Georgia 705

4. Texas 709

5. Utah 803

Since RealtyTrac’s data shows that foreclosure activing [sic] is down overall across the country, the company is taking issue with other recent reports that claim foreclosures are increase, which RealtyTrac characterizes as senational [sic] and misleading.

“We think it’s irresponsible to present falsely-inflated numbers to the media for commercial gain as we’ve seen happen recently,” said James J. Saccaio, chief executive officer of RealtyTrac. “The fact is that most states, with the notable exception of California, Ohio and Nevada, reported decreased numbers of foreclosure filings in June.”

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