Industry NewsMarkets & Economy

Pace of foreclosure-related filings cools

Michigan, Arizona, Washington see big jump in REOs
Published on Jun 11, 2009

Foreclosure-related filings retreated last month from the record pace seen in April but remained above the 300,000 mark for the third month in a row, data aggregator RealtyTrac said today.Some 321,480 homes were subjected to a notice of default, auction notice or bank repossession in May, down 6 percent from the month before but up 18 percent from a year ago, RealtyTrac said.The rate of foreclosure filings retreated from the record rate of one filing for every 374 homes registered in April, to one filing per 398 homes.Not all homes subjected to foreclosure-related filings will end up back in the hands of lenders. Many homeowners who default on their loans or whose properties are scheduled for auction are able to refinance their loans or negotiate a loan modification or short sale.RealtyTrac reported that notices of default and scheduled foreclosure auctions were both down from April to May, but that bank repossessions jumped 2 percent. The increase was largely attributable to "sub...

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