Foreclosures down 25 percent during first half of year

The RealtyTrac Midyear 2011 Foreclosure Market Report found for the first half of 2011 there was a 25 percent drop in foreclosures from the previous six months, and a 29 percent decrease from the first six months of 2010.

The report said June marked the ninth straight month foreclosure activity decreased on a year-over-year basis, despite an increase between May and June 2011. Nevada's market held the most foreclosures with 5 percent of its housing units in foreclosure, and was followed by Arizona at 2.8 percent, California, 1.9 percent, and Utah, 1.6 percent.

James J. Saccacio, CEO of RealtyTrac, said the dropping foreclosure rate is not the sign of a stabilizing housing market.

"Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn't appear to be the case," he said.

The foreclosure rate is affecting more than just home prices. According to The New York Times, animal shelters in Chicago and nationwide have experienced a significant uptake in animals received.

Dr. Robyn Barbiers, executive director of the Anti-Cruelty Society, told the news source that by June 2010, the shelter had taken in 845 dogs, while this past year it took in nearly 1,000. While most shelters will take back pets that have been adopted from the shelter, PAWS Chicago also offers temporary housing for pets whose owners are forced to leave their homes.  

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