Foreclosure Activity Drops 3 Percent in May; 15th Consecutive Month of Over 300,000 Foreclosure Actions


Dennis Norman

The good news is, foreclosure activity for the U.S. in May decreased by 3 percent according to a report released by RealtyTrac. The bad news is, May marked the 15 th consecutive month where the overall foreclosure activity has surpassed 300,000 actions; that’s about 4 million foreclosures in the past 15 months.

For May there were foreclosure filings reported on 322,920 properties in the U.S., a 3 percent decrease from April but a 1 percent increase from May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month of May.

“The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Defaults and scheduled auctions combined increased by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009 — creating a build-up of delayed bank repossessions. Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed.”

Bank Repo’s Hit Record in May

The number of properties actually taken back (foreclosed upon) in May was 93,777 breaking the prior month’s record high and setting a new record.

States with Highest Foreclosure Rates in May-

  1. Nevada – One in ever 79 housing units
  2. Arizona – One in every 169 housing units
  3. Florida – One in every 174 housing units
  4. California – One in every 186 housing units
  5. Michigan – One in every 223 housing units

The CEO of RealtyTrac stated above that he thinks the foreclosure rate is “leveling off”, which I would certainly hope is true….I don’t know how we can possibly sustain it continuing to increase. I think it is important to note though, we are talking about the rate leveling off at record-high levels and there is no indication the rate is going to drop anytime soon, therefore it is going to be a while before the aftershock of this wears off. Mortgage defaults, the “fuel” for the foreclosure rate, are starting to show signs of leveling off as well but until we see the default rate drop and continue to trend downward we will not see a significant or meaningful downward trend in the foreclosure rate.


Print Friendly, PDF & Email

21 comments to Foreclosure Activity Drops 3 Percent in May; 15th Consecutive Month of Over 300,000 Foreclosure Actions

  • … [Trackback]

    […] Read More here to that Topic: […]

  • Thank you for sharing superb informations. Your website is very cool. I am impressed by the details that you have on this web site. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for more articles. You, my pal, ROCK! I found simply the info I already searched all over the place and just couldn’t come across. What a great web-site.

  • … [Trackback]

    […] Read More on to that Topic: […]

  • … [Trackback]

    […] Read More Information here on that Topic: […]

  • … [Trackback]

    […] Read More to that Topic: […]

  • I was suggested this blog via my cousin. I am not sure whether or not this submit is written via him as nobody else recognize such specified approximately my problem. You’re wonderful! Thank you!

  • … [Trackback]

    […] Read More Info here on that Topic: […]

  • … [Trackback]

    […] Find More Information here on that Topic: […]

  • The next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought youd have something interesting to say. All I hear is a bunch of whining about something that you could fix if you werent too busy looking for attention.

  • Hi there to all, how is everything, I think every one is getting more from this website, and your views are nice in favor of new viewers.|

  • … [Trackback]

    […] Read More to that Topic: […]

  • Just wanna admit that this is very beneficial, Thanks for taking your time to write this.

  • I very like this blog. Everything is cleared.

  • Hi there! Do you know if they make any plugins to help with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good results. If you know of any please share. Many thanks!

  • What i don’t understood is if truth be told how you are not really a lot more neatly-appreciated than you may be right now. You’re so intelligent. You understand thus considerably relating to this subject, made me in my opinion believe it from numerous numerous angles. Its like men and women don’t seem to be fascinated until it is one thing to accomplish with Girl gaga! Your own stuffs outstanding. At all times deal with it up!

  • … [Trackback]

    […] Read More on that Topic: […]

  • Great write-up, I am regular visitor of one’s web site, maintain up the nice operate, and It’s going to be a regular visitor for a long time.

  • … [Trackback]

    […] There you can find 24919 more Information on that Topic: […]

  • … [Trackback]

    […] Here you will find 79143 more Information on that Topic: […]

  • … [Trackback]

    […] Find More Info here to that Topic: […]

  • I went over this web site and I believe you have a lot of superb information, saved to fav (:.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>