RealtyTrac: May U.S. Foreclosure Activity Down 26%- Quick Facts

(RTTNews) - RealtyTrac, an online marketplace for foreclosure properties, reported Tuesday that May foreclosure activity in the U.S. declined 26 percent year-over-year.

In its U.S. Foreclosure Market Report, the agency noted that foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 109,824 U.S. properties in May, a 5 percent decrease from the previous month and a 26 percent decrease from May 2013 to the lowest monthly level since December 2006. The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.

Despite the decrease in overall foreclosure activity nationwide, 21 states posted monthly increases in overall foreclosure activity, and 11 states posted annual increases in foreclosure activity.

States with annual increases in foreclosure activity included Massachusetts: up 58 percent from a year ago to an 18-month high; New Jersey up 37 percent while New York was up 18 percent and Indiana was up 12 percent from a year ago, the report showed.

Lenders repossessed 28,373 U.S. properties in May, down 6 percent from the previous month and down 27 percent from last year.

Bank repossessions (REO) increased from the previous month in 25 states and were up from a year ago in 14 states, including New York (117percent increase), New Jersey (96 percent increase) , Connecticut (85 percent increase), Maryland (40 percent increase), Oregon (29 percent increase), California (26 percent increase) and Illinois (20 percent increase).

Lenders started the public foreclosure process on 49,240 U.S. properties in May, down 10 percent from the previous month and down 32 percent from a year ago to the lowest level since December 2005 -- a 101-month low.

Despite the national decrease, foreclosure starts -- which can be the scheduled public foreclosure auction in some states -- increased from the previous month in 17 states and was up from a year ago in 12 states.