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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.
Mortgage delinquencies move lower in JanuaryAccording to Lender Processing Services, the total U.S. loan delinquency rate fell to 7 percent in January, down from 9 percent in December and from 8.3 percent during the same month in 2012March 11th, 2013 6:03am
MBA: Foreclosures hit four-year lowFewer people experienced foreclosure in the final three months of 2012, according to a new report from one of the foremost real estate industry sources.February 28th, 2013 3:52am
National foreclosure inventory declinesThe national foreclosure inventory thinned in August to the lowest level seen since the middle of 2010, which could be an indicator that the housing market recovery is well underway.October 5th, 2012 9:58am
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