On a year-over-year basis, the number of foreclosures filed across the country slipped 33 percent in May, down to 214,927 default notices, auctions and repossessions, according to the latest monthly statistics from the housing data monitoring firm RealtyTrac. That was also a 2 percent decline from April, but still, one in every 605 homes in the U.S. received a foreclosure filing.
“[W]hile the inventory of properties in the foreclosure process has declined steadily over the past six months – thanks in large part to 16 consecutive months of year-over-year declines in new default notices – the inventory of unsold bank-owned REOs (repossessions) increased in April and May even as new REO activity slowed in both of those months,” said RealtyTrac chief executive officer James Saccacio.
Once again, the top states in the nation in terms of foreclosure filings were Nevada, Arizona and California, the report said. Nevada had more filings than any other state for the 53 consecutive month, as one in every 103 properties received such a notice, but the rate still slipped 21 percent from the all-time high observed in April.
[Featured Tool: Get your free Credit Report Card from Credit.com]
Millions of consumers across the country have been hit with foreclosure in the last few years, and the large number of properties seized by banks has led to plunging home values in severely affected areas.