Foreclosure activity in the U.S. continued to level off this quarter with some stage of the process falling 3%.Last month close to 323,000 properties received some kind of foreclosure filings - either default notices, scheduled auctions or bank repossessions.
While the overall number of filings was down, and the number of homes entering the first stage of the process fell 7% from April, the pace of homes exiting foreclosure and being seized by banks hit a record high in May.
The increase in repossessions suggests that lenders are beginning to work through a backlog of properties developed after many foreclosures were frozen last year. In addition, there's been government pressure on lenders to work with defaulting homeowners.
California continued to be a hotbed of foreclosures, accounting for 22% of the national total with around 72,000 filings in May. California was fourth behind Nevada, Arizona and Florida.
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