U.S. Foreclosure Activity Down Less Than 1 Percent in May

Jun 15, 2016 - 2 Min read
Daren Blomquist
Real Estate Expert

There were a total of 100,841 properties with foreclosure filings in May, virtually unchanged from previous month and down 21 percent from a year ago — the eighth consecutive month with a year-over-year decrease, according to data released today by RealtyTrac.

States with the highest foreclosure rates were New Jersey (one in every 559 housing units with a foreclosure filing); Maryland (one in every 693); Delaware (one in every 716); Florida (one in every 738); and Nevada (one in every 851).

Among metropolitan statistical areas with a population of at least 200,000 (216), those with the top five foreclosure rates were Atlantic City, New Jersey (one in every 448 housing units with a foreclosure filing); Trenton, New Jersey (one in every 446 housing units); Rockford, Illinois (one in every 556); Tucson, Arizona (one in every 774); and Tampa-St Petersburg, Florida (one in every 588).

Among the nation’s 20 largest metro areas, only two posted a year-over-year increase in overall foreclosure activity in May: Boston (up 62 percent); and Minneapolis (up 19 percent).

Counter to the national trend, 18 states and the District of Columbia posted a year-over-year increase in overall foreclosure activity in May, including Louisiana (up 80 percent), Massachusetts (up 71 percent), Connecticut (up 68 percent), Minnesota (up 29 percent), Alabama (up 22 percent), Arizona (up 20 percent), and New York (up 17 percent).

A total of 42,279 properties started the foreclosure process in May, down 3 percent from the previous month and down 18 percent from a year ago — the 11th consecutive month with a year-over-year decrease.

Counter to the national trend, 15 states and the District of Columbia posted a year-over-year increase in foreclosure starts in May, including Louisiana (up 812 percent), Connecticut (up 192 percent), Maine (up 64 percent), Arizona (up 55 percent), Massachusetts (up 55 percent), Minnesota (up 37 percent), and Ohio (up 21 percent).

A total of 34,014 bank repossessions (REO), up 1 percent from the previous month but still down 24 percent from a year ago — the third consecutive month with a year-over-year decrease.

Counter to the national trend, 16 states and the District of Columbia posted a year-over-year increase in REOs, including New York (up 61 percent), Alabama (up 42 percent), Massachusetts (up 41 percent), South Carolina (up 32 percent), New Jersey (up 31 percent), Minnesota (up 20 percent), and Louisiana (up 20 percent).

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