Business news in brief

In the Region

N.J., Pa., U.S. foreclosure filings fall

Home-foreclosure filings fell 67 percent in New Jersey and 31 percent in Pennsylvania during the first six months of this year compared with the same period in 2010, RealtyTrac reported Thursday. Nationwide, the Irvine, Calif., company said, filings were down 29 percent. However, U.S. foreclosure filings last month rose 4 percent from May. "It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market," said James J. Saccacio, RealtyTrac's chief executive officer. "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." Instead, questions about how mortgage lenders are handling foreclosures have slowed the process. - Alan J. Heavens

Moody's may cut N.J. cities' ratings

The credit ratings of Camden and five other New Jersey cities were placed under review for possible downgrade by Moody's Investors Service after they lost state aid in Gov. Christie's $29.7 billion budget for fiscal 2012. Moody's said the other cities are East Orange, Passaic, Paterson, Trenton, and Union City. All were placed on a watch list, and the rating firm is expected to finish its review within 90 days, a window during which the Legislature "may restore all or some of this aid." Lower credit ratings mean a borrower would pay a higher interest rate on its loans because investors consider them riskier. - Bloomberg News

Shipping line to quit Tioga Terminal

Sea Star Line L.L.C. said it would suspend its shipping service at Philadelphia's Tioga Marine Terminal on July 22. The shutdown will affect six Sea Star employees. The Jacksonville, Fla., company said the terminal failed to meet revenue goals, but it will review the decision if the economy improves. Sea Star moves 300 loads of consumer goods and manufacturing material through Tioga per week. The goods are sent to and from North America, including the Caribbean. - Jingwen Hu

Area man settles SEC fraud complaint