Foreclosure activity dropped year-over-year for the eighth consecutive month in May but remained essentially unchanged from April, according to data from RealtyTrac.
RealtyTrac reported Thursday that there were 100,841 properties with foreclosure filings in May, down 21% from the previous year. Additionally, 42,279 properties started the foreclosure process in May, down 3% from the previous month and 18% from a year ago.
Bank repossessions ticked up 1% from April to 34,014 properties, though that figure was still down 24% from May 2015.
New Jersey was the state with the highest foreclosure rate with one in every 559 housing units having a filing. Maryland, Delaware, Florida and Nevada rounded out the top five.
Overall, only 18 states and the District of Columbia reported an increase from 2015 in foreclosure activity in May, with Louisiana experiencing the highest increase at 80%.
