Foreclosure filings were reported on roughly 110,000 U.S. properties in May, a 5 percent decrease from April, according to RealtyTrac's latest U.S. Foreclosure Market Report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were down 26 percent year-over-year in May to the lowest level since December 2006. Nationwide, RealtyTrac data revealed that one in every 1,200 U.S. housing units had a foreclosure filing during the month. Statewide, 21 states posted monthly increases in overall activity, with 11 states posting annual increases in foreclosure activity.
Along with the 110,000 foreclosure filings for the month of May, foreclosure starts declined for the month, down 10 percent from the previous month and down 32 percent year-over-year to the lowest level since December 2005—a 101-month low. Foreclosure starts increased in 17 states, including Massachusetts, Indiana, Delaware, New Jersey, and New York. Bank repossessions also fell in May, hitting the lowest level seen since July 2007—an 82-month low.
In its latest monthly National Housing Survey, Fannie Mae found 57 percent of Americans still believe the economy is on the wrong track, flat from April's survey. Meanwhile, 38 percent said the economy is on the right path, up from 35 percent in the last survey but still down from last year's highs. Despite that gain in confidence, fewer respondents in the May survey expect their own financial situation to improve over the next year. Economic conditions remain a top concern among consumers who believe now is a bad time to buy or sell a home.