Irvine, CA, July 11, 2013 -- Foreclosure starts and repossessions both declined in June, according to tracking firm RealtyTrac.
Lenders began the foreclosure process on 57,286 homes last month, the lowest level for any month in over seven years, RealtyTrac said.
Foreclosure starts are on pace to reach roughly 800,000 this year, down from 1.1 million last year.
Repossessions are also likely to hit a half-million, or about 25% below last year's total.
"Halfway through 2013, it is becoming increasingly evident that while foreclosures are no longer a national problem, they continue to be a state and local market problem," said Daren Blomquist, a vice president at RealtyTrac, in a press release.