Originally posted on Universal Properties Network:
According to the U.S. Foreclosure Market Report released by RealtyTrac, bank repossessions rose again last month, driving overall U.S. foreclosure activity to a 19-month high on an annual basis. The U.S. foreclosure rate in May was one in every 1,041 housing units with a foreclosure filing and a total of 126,868 homes across the country were at some point in the foreclosure process in May, up 1% from April and up 16% from the same time last year.
The increase in May was driven primarily by a jump in bank repossessions (REOs), which at 44,892 were down 1% from the previous month but up 58% from a year ago, and a 5% year-over-year increase in scheduled foreclosure auctions. The foreclosure activity includes foreclosure notices, scheduled auctions and bank repossessions.
Daren Blomquist, RealtyTrac Vice President said “May foreclosure numbers are a classic good news-bad news scenario, with the number of homeowners…
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