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IRVINE, CA—A total of 26,889 US residentialproperties were repossessed by lenders viaforeclosure in June, a figure that is down 5% fromthe previous month and 24% from a year ago, according to a report from RealtyTrac. The current REO rateis at its lowest level since June 2007, which marks a seven-yearlow.

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As GlobeSt.com reported last week, total USresidential foreclosure activitydecreased during the month of June by 2% from the previous monthand was down 16% from a year ago to the lowest level since July2006, according to a the report. USproperties with foreclosure filings in the first half of 2014decreased 19% from the previous six months and 23% from the firsthalf of 2013.

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Still, the news wasn't good for all states. Lender repossessionsin June increased from the previous month in 16 states and were upfrom a year ago in 12 states, including Iowa, Maryland, New York,Oregon, California, Illinois and New Jersey.

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Halfway through the year, a total of 174,691 US properties havebeen repossessed by lenders via foreclosure, on pace to reachnearly 350,000 for the year—another positive, since this figurewould be down from the 462,970 lender repossessions that took placeall last year. According to Chris Pollinger, SVPof sales at First Team Real Estate, which coversthe Southern California market, “Distressed properties continue towane as more-traditional sellers find their way into the housingmarket and home prices continue to rise.”

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.