LOS ANGELES — Fewer U.S. homes entered the foreclosure process or were repossessed by banks in June, the latest sign that the nation is shaking off its housing bust hangover.
Lenders initiated the foreclosure process on 57,286 homes last month, the lowest level for any month in 7½ years, foreclosure listing firm RealtyTrac Inc. said Thursday.
Foreclosure starts are on pace to reach roughly 800,000 this year, down from 1.1 million last year, the firm said.
Completed foreclosures, when the lender repossesses a home, are on track to hit a half-million, or about a quarter below last year’s total.
The trend comes as the U.S. housing recovery continues to gain strength, propelled by steady job gains, low interest rates, improving consumer confidence and growing demand for homes at a time when there’s a thin supply of available homes for sale in many markets.