According to the foreclosure tracking firm RealtyTrac, foreclosure filings fell nearly 25% in July from the June figures. With a total of only 596 properties either being put on the auction block or repossessed by the bank, this puts total filings under 600 for the first time since December. While a good sign, it should be noted that last year’s June to July time frame also saw a similar drop, followed by a spike in August. It remains to be seen if this year’s drop is part of a yearly trend or a sign of a continued housing recovery.
Statewide, only one in 1,031 properties received a filing notice. The national average for July was one in 686 with California having the highest rate of 1 in 325 and North Dakota the lowest, at one in 105,833.