RealtyTrac, an online marketplace for foreclosure properties, says that foreclosure fillings (default notices, auction sale notices, and bank repossessions) in June decreased by 7 percent from May numbers, which saw a monthly increase of 19 percent. Despite this decrease in activity, rates are up 87 percent from June 2006. The report, released Tuesday morning, estimates that the national foreclosure rate in June is one in every 704 households.
"Foreclosure activity subsided somewhat in June after hitting a 30-month high in May," said James J. Saccacio, CEO of RealtyTrac. "And the drop in activity was fairly broad, with 33 states reporting month-over-month decreases. Still, the foreclosure rates in most states remained substantially above last year's levels."
Nevada topped the list with one filing for every 175 households, followed by California, Colorado, Florida, and Arizona. Vermont has the nation's lowest foreclosure rate (one for every 36,798 households) with South Dakota, Wyoming, North Dakota, and West Virginia rounding out the top five states with the lowest foreclosure rates.
The report also lists the top 10 metro foreclosure rates. California cities led the way with six of the reported 10 metro areas listed, including the top four of Stockton, Merced, Modesto, and Riverside-San Bernardino. All of the aforementioned cities registered foreclosure rates of more than five times the national average. Other California cities in the top 10 were Vallejo-Fairfield at No. 7 and Sacramento at No. 8.
RealtyTrac received criticism last month for possibly double- or even triple-counting foreclosure filings. According to a company representative, July's foreclosure report will reflect a new methodology the company plans to use.
Click here to download an Excel spreadsheet detailing the June foreclosure activity across the nation.
Learn more about markets featured in this article: Riverside, CA.