Foreclosure filings in the United States dropped 5% in May, compared with April, and 26% compared with May 2013, according to data released Tuesday by RealtyTrac. Florida, Maryland and Nevada continued in May to post the highest foreclosure rates among the states, although rates in both Florida and Nevada fell compared with May 2013.
May foreclosures in Florida dropped 30% year-over-year, but the state still tops the list with foreclosure filings during the month on one of every 436 housing units in the state. That is nearly three times the national average of one foreclosure filing for every 1,199 housing units.
Maryland claims the nation’s second-highest foreclosure rate among the states with one filing for every 621 housing units. Following 22 months of consecutive increases in the foreclosure rate, Maryland finally saw a drop of 5% year-over-year in May.
Nevada’s foreclosure rate fell 57% year-over-year in May, but the state still ranks third in total foreclosures with one for every 717 housing units. The good news for Nevada is that May marks the eighth consecutive month of foreclosure declines.
Banks repossessed 28,373 U.S. properties in May, down 6% from April and 27% year-over-year. This is the lowest repo number since July 2007. The not-as-good news is that repossessions increased month-over-month in 25 states, led by New York, where the rate more than doubled.
Foreclosure auctions were at their lowest since December 2006, although auctions did rise in 16 states, led by Utah, where auctions rose 199% year-over-year.
Florida claimed the eight top foreclosure rates among U.S. metro areas. The top 10 metropolitan areas for foreclosures were:
10. York-Hanover, Pa.: one for every 478 housing units
9. Rockford, Ill.: one for every 450
8. Miami-Fort Lauderdale-Pompano Beach: one for every 405
7. Tampa-St. Petersburg-Clearwater: one for every 386
6. Ocala, Fla.: one for every 384
5. Port St. Lucie, Fla.: one for every 381
4. Lakeland, Fla.: one for every 379
3. Orlando-Kissimmee: one for every 336
2. Deltona-Daytona Beach-Ormond Beach, Fla.: one for every 314
1. Palm Bay-Melbourne-Titusville, Fla.: one for every 303
A RealtyTrac executive said:
As the market continues to stabilize, foreclosure activity is being replaced by traditional equity sellers, who continue to replace distressed inventory, especially in the foreclosure and REO markets.
In May, a total of 109,824 U.S. properties received default notices, were involved in foreclosure auctions or were repossessed by the lenders.