Foreclosure rates dropped 5 percent in May, the lowest monthly total since December 2006, but 21 states still posted monthly increases in foreclosure activity according to RealtyTrac® (www.realtytrac.com).
In a release from Marketwired, the company said that foreclosure filings — default notices, scheduled auctions and bank repossessions- were reported on 109,824 properties in May, a 5 percent drop. The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.
Despite the decrease in overall foreclosure activity nationwide, 21 states posted monthly increases in overall foreclosure activity, and 11 states posted annual increases in foreclosure activity.
“It’s not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows,” Daren Blomquist, vice president at RealtyTrac, said in the release. “On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well.”
States with annual increases in foreclosure activity included Massachusetts: up 58 percent from a year ago to an 18-month high; New Jersey: up 37 percent from a year ago, making May the 23rd month out of the last 27 where New Jersey foreclosure activity has increased annually; New York: up 18 percent from a year ago to a 14-month high; and Indiana: up 12 percent from a year ago, marking the third consecutive month with an annual increase.
Among the nation’s 20 largest metropolitan statistical areas, four posted year-over-year increases in foreclosure activity:
- Boston-Cambridge-Quincy: up 44 percent from a year ago to an 18-month high following 21 consecutive months of year-over-year decreases
- New York-Northern New Jersey-Long Island: up 23 percent, marking the 24th month out of the last 27 with an annual increase
- Washington-Arlington-Alexandria: up 8 percent, marking the 13th month out of the last 15 with an annual increase
- Philadelphia-Camden-Wilmington: up 5 percent, marking the 14th month out of the last 15 with an annual increase
Bank repossessions at lowest level since July 2007, up in NY, NJ, CT, MD, OR, CA
Lenders repossessed 28,373 U.S. properties in May, down 6 percent from the previous month and down 27 percent from May 2013 to the lowest monthly level since July 2007 — an 82-month low.
Despite the decrease nationally, bank repossessions (REO) increased from the previous month in 25 states and were up from a year ago in 14 states, including the following:
- New York: up 117 percent, the 16th month out of the last 20 with an annual increase
- New Jersey: up 96 percent, the 11th of the last 12 months with an annual increase
- Connecticut: up 85 percent, the 15th consecutive month with an annual increase
- Maryland: up 40 percent, the 15th consecutive month with an annual increase
- Oregon: up 29 percent, the sixth consecutive month with an annual increase
- California: up 26 percent, the second consecutive month with an annual increase after 28 consecutive months with annual decreases
- Illinois: up 20 percent, the second consecutive month with an annual increase after 12 consecutive months with annual decreases.
“We continue to see a decline in distressed properties through the Southern California market,” Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market said in the release. “As the market continues to stabilize, foreclosure activity is being replaced by traditional equity sellers, who continue to replace distressed inventory, especially in the foreclosure and REO markets.”
Lenders scheduled foreclosure auctions for 47,085 U.S. properties in May, down 4 percent from the previous month and down 22 percent from a year ago to the lowest level since December 2006 — an 89-month low.
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