The number of foreclosures rose 53% year-over-year in June to 252,363, according to RealtyTrac, an online real estate company. The number is down 4% from the month prior, but marks an acceleration from last month’s yoy growth rate of 48%. Foreclosures expanded 57% and 65% respectively year-over-year in March and April. CNBC:
The decrease from May, the first monthly dip since February, was not a fluke but it does not signal a trend, either, said Rick Sharga, vice president of marketing at RealtyTrac, based in Irvine, California, in an interview.
“We were coming off the highest month we ever had in terms of foreclosure activity so some sort of fall-off was inevitable,” he said.
It is too early to tell whether the government intervention that slowed the pace of foreclosures will actually prevent foreclosures or merely delay the proceedings, Sharga said.