US foreclosures rise 53 per cent in June
More than 252,000 properties, or one in every 501 US households, were in some stage of foreclosure, RealtyTrac, an Irvine, California-based seller of default data, said on Thursday.
By Bloomberg |
SAN FRANCISCO: US foreclosure filings rose 53 per cent in June from a year earlier and bank repossessions almost tripled as deteriorating property values and higher payments on adjustable mortgages forced more people to give up their homes.
More than 252,000 properties, or one in every 501 US households, were in some stage of foreclosure, RealtyTrac, an Irvine, California-based seller of default data, said on Thursday in a statement. Nevada, California and Arizona had the highest foreclosure rates.
Home prices fell the most on record in April, according to the S&P/Case-Shiller index of 20 US metropolitan areas. Rising mortgage defaults and auctions of foreclosed properties are adding to a glut of unsold homes and prolonging the deepest housing slump since the 1930s.
More than 252,000 properties, or one in every 501 US households, were in some stage of foreclosure, RealtyTrac, an Irvine, California-based seller of default data, said on Thursday in a statement. Nevada, California and Arizona had the highest foreclosure rates.
Home prices fell the most on record in April, according to the S&P/Case-Shiller index of 20 US metropolitan areas. Rising mortgage defaults and auctions of foreclosed properties are adding to a glut of unsold homes and prolonging the deepest housing slump since the 1930s.
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