IRVINE, CA—Total US residential foreclosure activity decreased during the month of June by 2% from the previous month and was down 16% from a year ago to the lowest level since July 2006, according to a report from RealtyTrac. US properties with foreclosure filings in the first half of 2014 decreased 19% from the previous six months and 23% from the first half of 2013.
Total foreclosure activity in June was the lowest since the housing bubble burst in August 2006 in 10 states, including Texas, Georgia, Colorado, Tennessee, Arizona and Nevada, according to RealtyTrac. However, foreclosure starts increased last month from the previous month in 15 states and were up from a year ago in 20 states, including Massachusetts, New Jersey, Nevada, Indiana, Oregon and Ohio.
According to Daren Blomquist, VP of RealtyTrac, “Nationwide foreclosure activity in June reached an important milestone. Over the next six to nine months, nationwide foreclosure numbers should start to flat line at consistently historically normal levels.”
Blomquist adds that there continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust. “While it’s important that any remaining foreclosure infection is addressed promptly to keep it from festering, foreclosures are no longer a widespread contagion threatening to derail the housing market’s return to full health.”
As GlobeSt.com reported earlier this week, Homefacts, a subsidiary of RealtyTrac, has launched a new mobile app for iPhone that enables homebuyers, homeowners and renters to view detailed property and neighborhood information and statistics on more than 100 million US homes. The new app enables navigation of neighborhood data based on user location and allows users to find information on any of these properties using the address, city and zip search tool. Stay tuned to GlobeSt.com for a Q&A with CEO Jamie Moyle on why the app is a necessary tool for homebuyers and how they are using it.