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Foreclosure rate drops (access required)

by IBR Staff
Published: July 11,2008
Time posted: 1:00 am

U.S. foreclosure activity dropped 3 percent from May to June but remained 53 percent above the June 2007 total, Realtytrac.com reported July 10. One of every 501 U.S. households received a foreclosure filing last month, the Irvine, Calif.-based RealtyTrac said in a release.

A year-to-year increase above 50 percent “indicates we have not yet reached the top of this foreclosure cycle,” CEO James Saccacio said. Bank repossessions continue to increase at a much faster pace than default notices or auction notices, he said.

Idaho’s foreclosure rate, at one household in some stage of foreclosure out of every 924 homes, ranked 21st last month. The total was down 17.57 percent from a month earlier and down 19.78 percent from a year earlier, Realtytrac reported.

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