Home seizures increased in May, report

Home seizures increased in May, reportAccording to a new report from RealtyTrac, the number of house seizures in the United States during the month of May as an increased number of people entered the foreclosure process in the country.

Irvine-based RealtyTrac said in a report that the foreclosure activity, which includes default notices, scheduled auctions and bank repossessions, rose during the month indicating that the lenders are focusing on reducing the number of distressed properties. The data showed that banks repossessed 38,946 homes, which is 11 per cent than the previous month. The data also showed that the default notices for the first time grew by 4 per cent during the month in the country.

Daren Blomquist, vice president at RealtyTracsaid, "It could be a sign of a trend we're expecting, which is that eventually, the banks are going to pull the trigger and complete these distressed loans that have been sitting in limbo for some time."

The overall foreclosure activity rose 2.3 per cent to 148,054 properties from April but it was still 28.1 per cent lower from May, 2012. The housing market has been recovering in the US during the previous few weeks.