Foreclosure Filings Show Surprise 9% Increase in May
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Foreclosure filings increased 9 percent in May compared to April, a RealtyTrac report released today showed. Filings were down compared to last year, but the increase isn't a good sign for the US economy and the nascent housing recovery.
"May foreclosure starts shows that it's going to be a bumpy ride down to the bottom of this foreclosure cycle," said Brandon Moore, CEO of RealtyTrac. "Based on the rise in pre-foreclosure sales we’ve seen so far this year, a higher percentage of these new foreclosure starts will likely end up as short sales or auction sales to third parties rather than bank repossessions going forward."
The report also show that foreclosure starts nationwide increased on an annual basis after 27 consecutive months of year-over-year declines.
"May foreclosure starts shows that it's going to be a bumpy ride down to the bottom of this foreclosure cycle," said Brandon Moore, CEO of RealtyTrac. "Based on the rise in pre-foreclosure sales we’ve seen so far this year, a higher percentage of these new foreclosure starts will likely end up as short sales or auction sales to third parties rather than bank repossessions going forward."
The report also show that foreclosure starts nationwide increased on an annual basis after 27 consecutive months of year-over-year declines.
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