RealtyTrac: Bank Repos Fuel Rise in Foreclosures

IRVINE, CA—RealtyTrac, a leading source for comprehensive housing data, has released its May 2015 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 126,868 US properties in May 2015, up 1% from the previous month and up 16% from a year ago to a 19-month high. The U.S. foreclosure rate in May was one in every 1,041 housing units with a foreclosure filing.

The increase in May was driven primarily by a jump in bank repossessions (REOs), which at 44,892 were down 1% from the previous month but up 58% from a year ago, and a 5% year-over-year increase in scheduled foreclosure auctions.