Foreclosure Total Still Over 300,000 Says RealtyTrac
Irvine, CA-May foreclosures marked the third straight month where the total number of properties with foreclosure filings exceeded 300,000, according to the latest data from RealtyTrac here.
Default notices, scheduled auctions and bank repossessions were reported on 321,480 U.S. properties during the month, a decrease of 6% from April but an increase of nearly 18% from April 2008.
"While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2% thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York," said James Saccacio, chief executive officer of RealtyTrac.
"We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end."
The May 2009 U.S. Foreclosure Market Report shows Nevada continued to document the nation's highest foreclosure rate, with one in every 64 housing units receiving a filing during May - more than six times the national average.
With one in every 144 housing units receiving a filing, California posted the nation's second highest foreclosure rate despite a 4% decrease in foreclosure activity from April.
Florida reported the third highest rate in May, with one in every 148 housing units receiving a filing.
Arizona had the fourth highest rate in May, with one in every 158 housing units receiving a filing, and Utah posted the fifth highest rate, with one in every 316 housing units receiving a filing.
Other states with foreclosure rates ranking among the nation's 10 highest were Michigan, Georgia, Colorado, Idaho and Ohio.
The top 10 states accounted for nearly 77% of U.S. foreclosure activity. California reported 92,249 properties with filings in May, the highest total of any state and up nearly 23% from a year ago. Bank repossessions in California were down 1% from April and defaults were down 18%, but scheduled auctions were up 18%.
Default notices, scheduled auctions and REOs in Florida were all down compared to April, but the state still posted the nation's second highest number of properties with foreclosure filings, 58,931, up 50% from May 2008.
Nevada documented 17,157 properties with filings in May, the third highest total of any state and up nearly 83% from May 2008. A 23% increase in bank repossessions helped push Nevada foreclosure activity up 5% from April.
Other states with totals among the 10 highest in the country were Arizona (16,865), Michigan (13,891), Ohio (11,360), Illinois (10,942), Georgia (10,516), Texas (9,813) and Virginia (5,385). The top 10 states accounted for nearly 77% of total properties with foreclosure filings nationwide.
Nevada continued to dominate the top 10 metro foreclosure rates. Filings were reported on 14,681 Las Vegas properties in May, one in every 54 housing units - more than seven times the national average and the highest foreclosure rate among metro areas with a population of at least 200,000. The city's foreclosure activity increased 4% from April and 78% from May 2008.
California cities accounted for six of the top 10 spots: Stockton at No. 2 (one in 68 housing units), Modesto at No. 3 (one in 71), Riverside-San Bernardino at No. 4 (one in 75), Merced at No. 5 (one in 78), Bakersfield at No. 7 (one in 94) and Vallejo-Fairfield at No. 9 (one in 101).
Florida cities accounted for three of the top 10 spots. Cape Coral-Fort Myers ranked at No. 6 (one in 82 housing units).