Bank repossessions were at lowest level since July 2007, up only in New York, New Jersey, Connecticut, Maryland, Oregon, and California.

Lenders repossessed 28,373 U.S. properties in May, down 6% from the previous month and down 27% from May 2013 to the lowest monthly level since July 2007 — an 82-month low.

Despite the decrease nationally, bank repossessions increased from the previous month in 25 states and were up from a year ago in 14 states, including the following:

  • New York: up 117%, the 16th month out of the last 20 with an annual increase
  • New Jersey: up 96%, the 11th of the last 12 months with an annual increase 
  • Connecticut: up 85%, the 15th consecutive month with an annual increase 
  • Maryland: up 40%, the 15th consecutive month with an annual increase
  • Oregon: up 29%, the sixth consecutive month with an annual increase 
  • California: up 26%, the second consecutive month with an annual increase after 28 consecutive months with annual decreases
  • Illinois: up 20%, the second consecutive month with an annual increase after 12 consecutive months with annual decreases.

Lenders scheduled foreclosure auctions for 47,085 U.S. properties in May, down 4% from the previous month and down 22% from a year ago to the lowest level since December 2006 — an 89-month low.

Despite the national decrease, scheduled foreclosure auctions increased from the previous month in 27 states and was up from a year ago in 16 states.

Lenders started the public foreclosure process on 49,240 U.S. properties in May, down 10% from the previous month and down 32% from a year ago to the lowest level since December 2005 — a 101-month low.

Despite the national decrease, foreclosure starts — which can be the scheduled public foreclosure auction in some states — increased from the previous month in 17 states and was up from a year ago in 12 states reaching record highs, including the following:

  • Massachusetts: up 178% to a 15-month high
  • Indiana: up 67%, marking the third consecutive month with an annual increase
  • Delaware: up 26%, the 12th out of the last 15 months with an annual increase
  • New Jersey: up 15%, the 25th out of the last 27 months with an annual increase
  • New York: up 14% to a 14-month high

Florida foreclosure activity decreased 30% on a year-over-year basis in May — the 10th consecutive month with an annual increase — but the state still posted the nation’s highest state foreclosure rate for the eighth consecutive month. One in every 436 Florida housing units had a foreclosure filing in May, nearly three times the national average.

Florida accounted for the eight highest foreclosure rates among metropolitan statistical areas with a population of 200,000 or more, led by Palm Bay-Melbourne-Titusville at No. 1, with one in every 303 housing units with a foreclosure filing — nearly four times the national average.

 The other Florida cities in the top 10 were Deltona-Daytona Beach-Ormond Beach at No. 2 (one in every 314 housing units with a foreclosure filing); Orlando-Kissimmee at No. 3 (one in every 336 housing units); Lakeland at No. 4 (one in every 379 housing units); Port St. Lucie at No. 5 (one every 381 housing units); Ocala at No. 6 (one in every 384 housing units); Tampa-St. Petersburg-Clearwater at No. 7 (one in every 386 housing units); and Miami-Fort Lauderdale-Pompano Beach at No. 8 (one in every 405 housing units).