Monday, June 17, 2013 / by Nathan Clark
Foreclosures Rise in May
Foreclosure activity in theUnited Stateswas up in May, boosted by an increase in bank repossessions, according to an online foreclosure listings firm.
According to RealtyTrac, foreclosures rose by 2 percent from a 75-month low in April, but still down 28 percent from May of 2012. The foreclosure data was impacted by a sharp rise in bank repossessions, which jumped 11 percent from April. Even with the spike, bank repossessions were still down 29 percent from a year ago.
Real estate-owned activity (REO) went up in 33 states during May, withNorth Carolinaseeing a 60-percent jump. Foreclosure starts, meanwhile were up 4 percent from April but remained at a level 33 percent lower than last year, according to RealtyTrac.
Activity was highest in judicial states, perhaps an indication of a backlog finally working its way through. Backlash against lenders’ procedures caused a massive slowdown of foreclosures in judicial states.