US home foreclosures on track for 6-year low - 13 WTHR Indianapolis

US home foreclosures on track for 6-year low

Updated:
LOS ANGELES -

New data show that the U.S. is on track to end the year with the fewest homes repossessed by lenders in six years.

Foreclosure listing firm RealtyTrac Inc. says that lenders repossessed just under 37,000 U.S. homes last month.

That's down 31 percent from July last year, and up 4 percent from June.

At the monthly average so far this year, completed foreclosures are projected to total nearly 490,000 this year.

That would be 27 percent below 2012's total and the fewest foreclosures since 2007.

Foreclosures peaked in 2010 at 1.05 million.

Rising home prices and a gradually improving job market have helped limit the pace of foreclosure starts, when homes first enter the foreclosure process.

Foreclosure starts posted an annual decline of 38 percent in July.

(Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Powered by WorldNow