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[timhyma]

7:26AM Foreclosure activity decreases 3% in June according to RealtyTrac U.S. Foreclosure Market report : RealtyTrac today released its June 2008 U.S. Foreclosure Market Report, which shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 252,363 U.S. properties during the month, a 3% decrease from the previous month but still a 53% increase from June 2007. The report also shows one in every 501 U.S. households received a foreclosure filing during the month. "June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings," said James J. Saccacio, chief executive officer of RealtyTrac. "Foreclosure activity slipped 3% lower from the previous month, but the year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle. Bank repossessions, or REOs, continue to increase at a much faster pace than default notices or auction notices. REOs in June were up 171% from a year ago, while default notices were up 38% and auction notices were up 22% over the same time period."