Housing and property data provider RealtyTrac reported 126,868 foreclosure filings last month, the highest level of activity in 19 months, driven mainly by bank repossessions and a 5% year-over-year increase in scheduled foreclosure auctions.
According to the U.S. Market Foreclosure Report, foreclosure filings in May rose 1% from the previous month and saw a 16% year-over-year increase.
It reported 44,892 REO, a 1% decrease from the month before but a 58% spike from a year ago. Further, 38 states and the District of Columbia posted year-over-year increases in REO. New Jersey, New York, Ohio, Georgia and Pennsylvania had the highest surges.
"The number of homeowners starting the foreclosure process [is] stabilizing at pre-housing-crisis levels," said RealtyTrac vice president Daren Blomquist. "But the number of homeowners actually losing their homes to foreclosure is still well above precrisis levels and on the rise."
RealtyTrac reported 51,414 foreclosure starts in May, a 1% decrease from the month before but up 4% from a year ago, following four months of year-over-year decreases. New Jersey, Virginia, Missouri, Massachusetts and Washington led the 25 states that posted year-over-year increases in foreclosure starts.
Scheduled foreclosure auctions are 40% higher than precrisis levels at 49,413, 6% higher than the previous month and 5% higher than a year ago. New York, Illinois, New Jersey and Maryland reported the highest increases in scheduled foreclosure auctions from a year ago of 26 states.
