US property foreclosures see slight rise in June

New figures have revealed a slight increase in US property foreclosures in June.

Statistics from RealtyTrac show four per cent more foreclosure filings such as auction sale notices, bank repossessions and default notices were received by residences in the country during the month compared with May.

Foreclosures were still down by 29 per cent from June 2010, however. The rise in June 2011 may be welcomed by investors seeking a broader range of properties to choose from.

Rick Sharga, vice-president of marketing for RealtyTrac, told Reuters: "An increase in home sales could be prompting banks to foreclose and replenish the market."

The report comes shortly after Clear Capital announced figures pointing to a 3.2 per cent fall in US house prices in the first half of 2011 and forecasted a further 2.4 per cent drop over the rest of the year.

Despite the overall decline, values saw a 0.9 per cent increase in the three months to June, it noted.

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