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Foreclosures spike 9% in May

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posted on Jun, 14 2012 @ 11:44 AM
story from CNN
CNNMoney June 14, 2012

Foreclosures spike 9% in May

Foreclosures have gone up 9% in May from April.

Bank repossessions up 7%.

This is probably due to the "robo-signing" "settlement" from April that many think was supposed to help people.

Maybe it will. ?

NEW YORK (CNNMoney) -- Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.
foreclosure fiasco
Foreclosure Fiasco

Foreclosures spike 9% in May
Foreclosures made up 26% of U.S. home sales in first quarter
More than 30% of mortgage borrowers still underwater
Foreclosures fall to lowest level since 2007
Logjam in foreclosure filings breaking up

Bank repossessions climbed steeply, up 7% to 54,844, after hitting a four-year low in April.

The industry had anticipated that there would be a new wave of foreclosures once the industry resolved the "robo-signing" issues, which came to light in late 2010. A settlement was finalized last April

Help or Hurt ?

Once the banks reached a massive $26 billion settlement with state attorneys general over processing abuses, it was expected that they would step up their foreclosure efforts.

"With the settlement, it makes sense that the lenders would feel more confident pushing delinquencies through to foreclosure in May," said Daren Blomquist, a spokesman for RealtyTrac.

There was also a 12% jump in foreclosure starts. "The jump in May foreclosure starts shows that it's going to be a bumpy ride down to the bottom of this foreclosure cycle," said Brandon Moore, CEO of RealtyTrac.


Some deeper details from Reuters:
U.S. Foreclosure Activity Increases 9 Percent in May According to RealtyTrac(R) U.S.


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