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Foreclosure News | Foreclosure Resources

Foreclosure Decline Reported

65,754 May REOs reported by ForeclosureS.com

June 9, 2008

By MortgageDaily.com staff

A new report indicates foreclosure filings fell for the second consecutive month.

During May, 161,146 pre-foreclosure filings were made, according to ForeclosureS.com. The level of pre-foreclosures dropped from 176,878 the prior month and represented the second monthly decline.

The Sacramento, Calif.-based listing service said its findings utilized data from more than 5.5 million property listings.

From January through May, 854,923 pre-foreclosures were filed, bringing the pre-foreclosure rate to 1.15 percent, the report said.

Florida saw the most pre-foreclosure filings so far this year, at 203,250. California followed, with 197,787 filings, then Arizona, at 67,960. No. 4 was Illinois, at 40,978, and No. 5 was New Jersey, which had 37,182.

Real estate owned filings totaled 65,754 in May, down from the previous month's 74,702, ForeclosureS.com said. REOs were also down for two consecutive months.

From January to May, 353,621 REOs have been filed, up 68 percent from 210,000 during the same period last year. The year-to-date REO rate was 0.45 percent.

With 88,687 year-to-date filings, California had the most REOs of any state. Arizona followed, with 30,979, then Florida, at 30,885. Next was Texas, which had 26,183 REOs, and Michigan was No. 5, at 23,575.

ForeclosureS.com's report for May contrasts the first-quarter report from the Mortgage Bankers Association, which indicated that mortgages entering foreclosure were 0.99 percent, climbing from 0.83 percent in the fourth quarter, and that the foreclosure inventory jumped to 2.47 percent from 2.04 percent. MBA also reported that first-quarter delinquency surged to 6.35 percent from the fourth quarter's 5.82 percent -- suggesting foreclosures would head higher.

"The company bases its analysis on the number of formal notices filed against a property during the foreclosure process," ForeclosureS.com explained. "That can include notice of default, notice of foreclosure auction, and/or notice of REO foreclosure."

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