Monday, June 17, 2013 / by Nathan Clark
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.