Annual Foreclosure Rate Still Falling

20th Month In a Row That Foreclosures Decline Year-Over-Year 

Foreclosure activity down from last year, but up from last month
There were more than 200,000 foreclosures in May, a nine percent increase from foreclosures in April. May saw 1 in every 639 housing units receive some type of foreclosure filing — 205,990 properties in all. Foreclosure activity continues, however, to show a steady decline in year-over-year comparisons — dropping four percent from May 2011 to May 2012. (via Mortgage News Daily)
New foreclosures on the rise
Lenders filed “default or scheduled-home-auction notices… for the first time” against nearly 110,000 homes in May — up 12 percent from the previous month, and 16 percent from the same month last year. This May is the first time that new foreclosures rose year-over-year since January 2010. (via The Huffington Post)

Sales of previously-owned homes at two-year highIn April of this year, more previously-owned homes were sold than in any month in the last two years — while home prices rose slightly for two months in a row, March and then April. More and more completed short sales — which hit a three-year high in the first three months of this year — will most likely keep a lid on home prices until more of the “shadow inventory” is flushed through the market. (via Reuters)

By sharonshawflores

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