RealtyTrac: Foreclosure Activity Basically Flat In May

Posted by Patrick Barnard on June 21, 2016 No Comments
Categories : Mortgage Servicing

Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 100,841 properties in May – virtually unchanged compared with April and down 21% from May 2015, according to RealtyTrac’s U.S. Foreclosure Market Report.

It was the eighth consecutive month with a year-over-year decrease, according to the firm.

States with the most foreclosure filings for the month included New Jersey, Maryland, Delaware, Florida and Nevada.

Counter to the national trend, 18 states and the District of Columbia posted a year-over-year increase in overall foreclosure activity in May, including Louisiana (up 80%), Massachusetts (up 71%), Connecticut (up 68%), Minnesota (up 29%), Alabama (up 22%), Arizona (up 20%) and New York (up 17%).

A total of 42,279 properties started the foreclosure process in May – down 3% from the previous month and down 18% from a year ago, according to the report. It was the 11th consecutive month with a year-over-year decrease.

States with the most foreclosure starts in May, on a year-over-year basis, included Louisiana (up 812%), Connecticut (up 192%), Maine (up 64%), Arizona (up 55%), Massachusetts (up 55%), Minnesota (up 37%) and Ohio (up 21%).

A total of 34,014 bank repossessions were completed in May, up 1% from the previous month but still down 24% from a year ago. It was the third consecutive month with a year-over-year decrease in bank repossessions.

Counter to the national trend, 16 states and the District of Columbia posted a year-over-year increase in bank repossessions, including New York (up 61%), Alabama (up 42%), Massachusetts (up 41%), South Carolina (up 32%), New Jersey (up 31%), Minnesota (up 20%) and Louisiana (up 20%).

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