Foreclosure activity finally decreases 6% in May
Dennis Norman
By: Dennis Norman
According to a report issued by RealtyTrac(R), foreclosure filings (default notices, scheduled auctions and bank repossessions or REO’s) were reported on 321,480 U.S. properties for May. This is a decrease of 6% from April but is still up nearly 18% from a year ago.
The states of Nevada, California and Florida continue to have the highest foreclosure rates, with Nevada leading the way with one in every 64 housing units receiving a foreclosure filing in May.
The state with the lowest foreclosure rate was Vermont, followed by North Dakota, Montana, South Dakota and Virginia.
I have been saying for some time now that before we are going to see this real estate market stabilize and truly “find bottom” the foreclosure rate would have to decline back to some sort of normal range. While the decrease for May in activity is encouraging, May’s activity still represents the “third highest month on record” according to James J. Saccacio, CEO of RealtyTrac(R), so don’t break out the party hats yet.
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