Foreclosures are on schedule to reach 800,000 this year and that is down from 1.1 million foreclousures the previous year.
Most homes that are set up for public auction typically end up going back to the bank, which opens the door for the properties to be placed back on the market as sharply discounted foreclosed homes later this year. Lenders foreclosed and repossessed just over 35,000 homes last month, down nearly 9 percent from May and a drop of 35 percent from last year
At the height of the housing bubble in 2006, completed foreclosures averaged 22,000 a month. They peaked in September 2010 at 102,000 foreclousures a month on average. More stringent lending standards for home loans since the housing bubble burst have helped slow the pace of foreclosures.
About 75 percent of the 824,292 U.S. homes in the foreclosure process as of June are tied to loans that were originated between 2004 and 2008.