facebook
twitter
rss
account
search
search
 

Foreclosure decline hits a glitch

June 14, 2012 at 12:01 AM   |   Comments

| License Photo
IRVINE, Calif., June 14 (UPI) -- The decline in U.S. foreclosures looks like a "bumpy ride," the top executive at online marketplace RealtyTrac said.

With foreclosures in May up 9 percent from April, but down 4 percent from May 2011, "It's going to be a bumpy ride down to the bottom of this foreclosure cycle," said Brandon Moore, chief executive officer of RealtyTrac in a statement.

Moore said foreclosure activity has dropped on a year-over-basis for 20 consecutive months. But the month-to-month climb shows the market is still unsteady.

In May, 205,990 U.S. properties were involved in foreclosure, with foreclosures filed for one in every 639 housing units in the month, the firm said.

In May, Georgia "leapfrogged" over four states to post the highest foreclosure rate in the nation.

Bank repossessions, meanwhile, rose 7 percent off of a 49-month low in April.

For the month, the foreclosure process was completed on 54,844 U.S. properties. Although higher than April, completed foreclosures were down 18 percent from May 2011.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
3
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
4
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
5
Purpose-built engine for ScanEagle UAV delivered to Insitu Inc. Purpose-built engine for ScanEagle UAV delivered to Insitu Inc.
Trending News
Video
x
Feedback