U.S. Foreclosure Activity Decreases in May

U.S. Foreclosure Activity Decreases in May

Foreclosure filings — default notices, auctions and bank repossessions — were reported on 321,480 U.S. properties in May, a decrease of 6 percent from the previous month but an increase of nearly 18 percent from May 2008, according to RealtyTrac, an online marketer of foreclosed properties. One in every 398 homes received a foreclosure filing during the month.

May foreclosure activity was the third highest on record, and it marked the third straight month that foreclosure filings exceeded 300,000, says RealtyTrac CEO James J. Saccacio. “While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2 percent thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York,” Saccacio says.

Nevada again had the highest foreclosure rate in the nation, with one in every 64 housing units receiving a foreclosure filing during May, more than six times the national average, followed by California, Florida, Arizona and Utah.

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