Foreclosures of all types were filed on 109,824 residential properties in May, a 5% decrease from the previous month and a 26% decrease from May 2013, which brought it to the lowest monthly level since the early days of the housing bubble and crash in December 2006.
The quick read – Northeastern and West Coast markets are having the most trouble with rising foreclosure activity, along with Chicago. The healthiest markets are in the flyover states, the sand states and the Sunbelt. Florida is still healing but still hurting.
The monthly RealtyTrac report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month. Foreclosure activity recorded includes all default notices, scheduled auction and bank repossessions.
Commentary from Bob Karp, Broker – Karp Properties LLC: There is little good news here, but for once Arizona was not mentioned in an article about foreclosures. The Sierra Vista, Arizona area has continued fairly steady with the number of foreclosures entering the market. Short sales are still playing a significant part in the local real estate market.