LOS ANGELES, Calif. (AP) – New data show that fewer U.S. homes entered the foreclosure process or were repossessed by banks in June, but Ohio still suffers with one of the highest foreclosure rates in the country.
Foreclosure listing firm RealtyTrac Inc. 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.
While analysts say the trend is the latest sign that the nation is shaking off its housing bust hangover, Ohio is among the states where foreclosures remain a potential drag on the real estate market. Ohio had the fourth highest rate in the nation in June, behind Florida, Nevada and Illinois.
Completed foreclosures also posted steep monthly and annual declines in June, at 35,500 homes.
The U.S. housing recovery continues to gain strength, propelled by steady job gains, low interest rates and rising home values.