Housing Foreclosures Fall in May

Foreclosures declined 6 percent in May compared to April, but the number is still an increase of 18 percent compared to May 2008, reports RealtyTrac.

“May foreclosure activity was the third-highest month on record, and marked the third straight month where the total number of properties with foreclosure filings exceeded 300,000 – a first in the history of our report,” says James J. Saccacio, CEO of RealtyTrac.

While defaults and foreclosure auction were down in May, bank repossessions were up 2 percent, RealtyTrac says, due in large part to increases in Michigan, Arizona, Washington, Nevada, Oregon and New York.

Nevada continued to have the highest foreclosure rate with one in every 64 housing units receiving a foreclosure filing in May, six times the national average.

These 10 states account for nearly 77 percent of total U.S. foreclosure activity: Nevada, California, Florida, Arizona, Utah, Michigan, Georgia, Colorado, Idaho, and Ohio.

Source: RealtyTrac (06/11/2009)

Michael Carter
San Diego Real Estate Agent
MTC Future Realty
(619) 488-5774