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Less homes repossessed and foreclosed on in June

Posted on Wednesday, July 10th, 2013 at 9:13 pm    

Less U.S. homes were repossessed or were foreclosed on this June, according to RealtyTrac Inc., which may mean that the country is slowly getting out of the housing bust rut.

Lenders started the foreclosure process on 57,286 homes last month, the lowest in 7 ½ years, according to RealtyTrac Inc.’s database on Thursday, July 11. Additionally, the number of repossessed homes went down to 35,507 homes last month, marking a 9 percent drop from May and around a 45 percent drop from last year.

The firm said foreclosures will roughly reach 800,000 at the end of this year, which is considerably less than the 1.1 million foreclosures recorded last year.

RealtyTrac vice president Daren Blomquist said that according to their observation, foreclosures continue to be a state and local market problem, but that the situation has gotten less serious on a national scale.

When facing outstanding debts and potential foreclosure on your home in Houston, contact the Russell Van Beustring P.C. at 713-973-6650. We can help you understand your legal options and get back on track financially.

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