"While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2%," said Realty Trac CEO James Saccacio in prepared statement. "We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end."
From CNNMoney: May foreclosures fall but still high
Lenders filed fewer foreclosure notices in May, but the total number of filings was still the third highest monthly total on record.
One of every 398 households in the United States received some kind of filing, including notices of default, scheduled auctions or bank repossession, during May. That was a decline of 6% from April but an increase of 18% compared with May 2008.
And the ultimate type of foreclosure filing- bank repossessions- increased during the month, according to Realty Trac.
Rates have been going back up again. This along with higher gas prices just isn't helping. We have not had low mortgage interest rates and gas prices for a long enough period to make a difference. Are we ever going to get out of this economic mess.
Have you taken advantage of the Obama administrations loan programs before the rates went up? Let us know how a loan modification has helped you.
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