While foreclosures rates remain substantially higher across the country over 2006 figures, the number of filings of loan defaults, auction sales, and bank repossessions fell by 7 percent in June, according to the U.S. Foreclosure Market Report released July 12 by RealtyTrac®.

A total of 164,644 foreclosures were reported across the country in June, down by 6.53 percent from the previous month, but still up 87 percent over June 2006 figures.

"Foreclosure activity subsided somewhat in June after hitting a 30-month high in May," said James J. Saccacio, chief executive officer for RealtyTrac®. "And the drop in activity was fairly broad, with 33 states reporting month-over-month decreases. Still, the foreclosure rates in most states remained substantially above last year’s levels."

Although California reported a 2 percent dip in foreclosure activity from May to June, the state had the second highest foreclosure rate in the country for the month, reporting 38,801 foreclosures, representing one filing for every 315 households, according to the report.