RealtyTrac said Thursday that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.
National foreclosure rose 12 percent from April and 16 percent compared with a year ago. This is the first year-over-year increase after 27 straight months of year-over-year declines, said sources.
“U.S. foreclosure activity has now decreased on a year-over-basis for 20 straight months including May, but the jump in May foreclosure starts shows that it’s going to be a bumpy ride down to the bottom of this foreclosure cycle,” said RealtyTrac CEO Brandon Moore.
According to the firm, about 8.7 million U.S. homes entered the foreclosure process between January 2007 and May. Out of those, 4.3 million properties ended up foreclosed-upon.No tags for this post.