One out of every 501 US households received a foreclosure notice in June, as the number of homes foreclosed increased 53% over the same month last year to 252,363 properties, according to RealtyTrac. Although that number was 3% below the May total, it still marked the second straight month with more than a quarter million foreclosures.
James J. Saccacio, CEO of the firm, said, "The year-over-year increase of more than 50% 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.”