Mortgage Daily Logo

REOs Worse, New Filings Better, Vermont Best

Foreclosure

Total foreclosures improved on a monthly basis and edged up compared to last year. It’s a different story, however, for completed foreclosures — which have climbed more than 40 percent from a year ago. Vermont solidly has the fewest foreclosure problems of any state.

Servicers initiated or completed foreclosure actions on 322,920 U.S. properties last month, fewer than 333,837 reported for April by RealtyTrac. Filings included default notices, scheduled auctions and bank repossessions.

But May activity was slightly worse than 321,480 foreclosure filings previously reported for a year earlier.

Year-to-date through the end of May, around 1,588,991 filings have been reported by RealtyTrac.

“Defaults and scheduled auctions combined increased by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009 — creating a build-up of delayed bank repossessions,” RealtyTrac Chief Executive Officer James J. Saccacio said in the report. “Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed.”

The statistics are reportedly based on RealtyTrac’s data from 2,200 U.S. counties that account for 90 percent of the country’s population.

California’s 72,030 was the most of any state and higher than April’s 69,725. Florida’s 50,685 was next, followed by Michigan’s 20,322, Arizona’s 16,097 and Illinois’ 15,061.

The fewest filings were in Vermont: 19.

At the metropolitan level, nine of the top-10 areas with the highest foreclosure rates saw an improvement from May 2009.

The U.S. foreclosure rate improved to one filing for each 400 housing units from April’s one-in-387 and May 2009’s one-in-398.

With one property facing a foreclosure for each 79 homes, Nevada had the most severe rate of any state. But Nevada improved from one-in-64 during April.

Arizona’s one-in-169 ranked it second, while Florida followed with one-in-174. One California property faced foreclosure for each 186 housing units, and No. 5 Michigan’s rate was one-in-223.

Vermont’s one-in-16,454 rate was best of all the states.

Real-estate-owned filings nationally reached 93,777, rising from April’s 92,432 and May 2009’s 65,017. From Jan. 1 through May 31, REOs totaled 444,153.

California had the most REOs: 15,946. But Golden State repossessions fell from 16,932 a month earlier.

Florida’s 10,941 was second and higher than 9,259 the prior month, and Michigan was No. 3 with 8,009.

Arizona was next with 6,112 REOs, and No. 5 was Georgia, where 5,299 foreclosures were completed.

The fewest REOs were in Vermont: 19.

Related Posts

What To Expect When Buying a Foreclosed House

What To Expect When Buying a Foreclosed House

When scrolling through the various real estate websites and apps, you may find properties marked “in foreclosure”. Often the prices on these homes are quite low and can even seem too good to be true. So, is a foreclosed house really worth considering? As with anything...

1 Billboard Inside Wilmington, North Carolina

1 Billboard Inside Wilmington, North Carolina

A delinquent borrower has paid for a billboard in Wilmington, North Carolina, in his effort to avoid a foreclosure on his delinquent loan with SunTrust Mortgage Inc. Scott Griffin had three loans with the Richmond, Virginia-based company as of 2007. One of the loans...

1 Billboard Inside Wilmington, North Carolina

Overcoming Statute of Limitations in Foreclosures

Challenges to mortgage lenders and servicers' right to foreclose based on the expiration of the statute of limitations are rapidly increasing in the Pacific Northwest and Southwest regions. Consumer attorneys are now representing borrowers in a winner-take-all bid to...

1 Billboard Inside Wilmington, North Carolina

Couple Claims Victory in 10-Year-Old Foreclosure

A Sound Beach, New York, couple fighting foreclosure for nearly 10 years "can finally close that chapter of their lives" now that their lender has missed court deadlines to continue the legal battle, the couple's lawyer said Tuesday. Fred and Theresa Tovar's mortgage...

1 Billboard Inside Wilmington, North Carolina

GSEs Announce Annual Foreclosure Moratorium

In what has become an annual tradition, the government-sponsored enterprises are suspending foreclosure evictions during the holiday season. The Federal National Mortgage Association issued a statement Monday indicating it will suspend evictions from Dec. 19 through...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI