Foreclosure Activity Falls from 2012, Rises from April - Ellyn ...

Ventura County foreclosure filings in May dropped 44 percent from a year earlier but rose 12 percent from April, market researcher RealtyTrac said Thursday.

Foreclosure activity jumped in some markets where it may have appeared to have been knocked out by aggressive prevention efforts during the past two years, said Daren Blomquist, a RealtyTrac vice president.
?Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures,? he said.

There were 359 foreclosure filings in the county in May, compared with 321 in April and 640 in May 2012, according to the Irvine-based company. The total includes default notices, scheduled auctions and bank repossessions.

The monthly increase in foreclosure activity was caused largely by a 15 percent increase in auction sales.

There also were monthly jumps in default notices ? 9.8 percent ? and repossessions ? 10.7 percent.

California had a 5.6 percent monthly increase in foreclosure filings for a total of 17,069, but foreclosure filings declined 59.6 percent from a year earlier.

?Southern California is seeing the lowest levels of distress since 2005,? said Rich Cosner, CEO of Prudential California Realty.

U.S. foreclosure filings totaled 148,054 in May, up 2.25 percent from April and down 28.1 percent from May 2012. One in every 885 U.S. housing units had a foreclosure filing last month.

Foreclosure activity nationwide continues to shift from nonjudicial states such as California to judicial states.

Nonjudicial states do not require lenders to go through the court system to foreclose on a property.

Judicial states accounted for five of the six states with the highest foreclosure rates nationwide. They are Florida, Ohio, Maryland, South Carolina and Illinois.

Source:?vcstar.com

Source: http://www.ellyndembowski.com/foreclosure-activity-falls-from-2012-rises-from-april/

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