Foreclosure Filings Rise 2% in May as Banks Seize More Homes - East Idaho News
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Foreclosure Filings Rise 2% in May as Banks Seize More Homes

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Getty B 110311 Foreclosure?  SQUARESPACE CACHEVERSION=1371121682287iStockPhoto/Thinkstock(NEW YORK) — The number of U.S. households that received a foreclosure filing last month rose slightly as banks seized more homes from borrowers in default, according to the latest report from RealtyTrac.

“In the month of May we saw 148,000 properties with foreclosure filings nationwide,” says RealtyTrac Vice President Daren Blomquist.  “That was up two percent from the previous month, but it was down 28 percent from a year ago.”

The foreclosure tracking firm says the small spike in foreclosure activity is largely due to an 11 percent increase in bank repossessions from April to May.

Given that the housing market is improving, Blomquist says, the latter increase “makes sense.”

“It’s a good time for banks to do this because now they know that they can sell these homes quickly,” he notes.

Compared to May of last year, repossessions of homes were down 29 percent — a sign that fewer people are falling behind on mortgage payments.

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