RealtyTrac: Home repossessions declined in June

Posted at 8:41 AM, Jul 11, 2013
and last updated 2013-07-11 04:46:34-04

LOS ANGELES (AP) — Fewer U.S. homes entered the foreclosure process or were repossessed by banks in June.

The foreclosure listing firm RealtyTrac says banks initiated the foreclosure process on about 57,200 U.S. homes last month.

That's the lowest level for any month in 7½ years and down sharply from May and June last year.

Completed foreclosures also posted steep monthly and annual declines in June, at 35,500 homes.

The trend is the latest sign that the nation is shaking off its housing bust hangover.

The U.S. housing recovery continues to gain strength, propelled by steady job gains, low interest rates and rising home values.

Even so, foreclosures remain a potential drag on housing in many states, including Florida, Nevada, Illinois, Ohio and Georgia.