Markets & Economy

Foreclosure filings hit 19-month high

Default notices, schedule auctions or bank repossessions reported on nearly 127,000 US properties

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The volume of foreclosure filings reported in May was 16 percent higher than a year ago, according to RealtyTrac, and default notices, schedule auctions or bank repossessions (REOs) were reported on 126,868 U.S. properties, marking a 19-month high for filing volume. The increase in May was driven primarily by a jump in bank REOs, which totaled 44,892. This figure represents a 58 percent jump in REOs from a year ago. “The number of homeowners actually losing their homes to foreclosure (is) still well above precrisis levels and on the rise,” said Daren Blomquist, vice president at RealtyTrac, in a statement. “Lenders and courts are pushing through stubborn foreclosure cases that have been languishing in foreclosure limbo for years as options to prevent foreclosure are exhausted or left untapped.” Of the nation’s 50 states, 38 and the District of Columbia saw an increase in filings when comparing last month to May 2014: New Jersey saw a 197 percent increase. N...