Foreclosure figure down during May

Foreclosed home activity was down during May.The most recent data compiled by RealtyTrac discovered that national foreclosure activity decreased during May.Overall, the number of default notices, scheduled auctions and bank repossessions totaled 214,927, which is down 2 percent from April and 33 percent less than May 2010. In all, one in every 605 housing units became distressed during May.”While the inventory of properties in the foreclosure process has declined steadily over the past six months – thanks in large part to 16 consecutive months of year-over-year declines in new default notices – the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” said RealtyTrac CEO James Saccacio. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory.”Nevada experienced the most foreclosures during the May – the 53rd straight month it had the most in the nation – as one in every 103 housing units were distressed. Arizona and California rounded out the top three markets.Texas placed among the top 10 markets with 9,055 distressed properties. The Houston real estate market has improved recently, however, as more jobs have been added this year, according to a recent Metrostudy report.Courtesy of 2M Realty News?

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