Foreclosure filings hit 8-year low

by MPA11 Jun 2014
Foreclosure filings hit their lowest level in more than eight years last month, according to data released Tuesday.

Foreclosure filings – default notices, scheduled actions and bank repossessions – were reported on 109,824 US properties last month, according to housing data firm RealtyTrac. That’s a 5% decrease from April, a 26% decrease from May of 2013 and the lowest monthly level since December of 2006.

Despite the nationwide drop in foreclosure activity, 21 states posted monthly increases and 11 states saw annual foreclosure figures rise, RealtyTrac reported.

“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,” said Daren Blomquist, vice president at RealtyTrac. “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.”

Massachusetts saw the biggest increase in foreclosure activity, up 58% from the previous year, followed by New Jersey (up 37%), New York (up 18%) and Indiana (up 12%).

Meanwhile, bank repossessions hit their lowest level nationally since July of 2007, RealtyTrac reported. Lenders repossessed 28,373 properties last month, down 6% from April and 27% from May of 2013. Repossessions were still up month over month in 25 states and up year over year in 14, however.

New York saw the biggest annual increase in bank repossessions, up 117% over May of 2013. New Jersey was up 96%, Connecticut up 85%, Maryland up 40%, Oregon up 29% and California up 26%.


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