Industry NewsMarkets & Economy

Pace of foreclosure-related filings cools

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

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by CareyBot

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.