U.S. Foreclosure Increased As Bank Repossessions Rise

Hergenrother Realty Group

foreclosuresAccording 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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