Foreclosures fall for 8th straight month

CNN Money reports that foreclosures are down around the nation for the eighth straight month, according to RealtyTrac.

Last month, foreclosure filings dropped by 33% from one year ago and 2% from April. The total number of real estate-owned properties (repossessed) in May fell 3.8% from April and 29% from one year ago.

Nevada, Arizona, and California continue to see the most significant number of foreclosure filings. But  even there, rates have dropped. In May, one of every 103 households in Nevada received notice to foreclose. And in Arizona and California, one in every 210 and one in every 259, respectively, received notice.

The positive news may be a reflection of the banks slowing down their review procedures in response to the “robo-signing” scandal of last September, which caused many firms to suspend foreclosure proceedings. While experts say that falling foreclosures do not necessarily herald a housing rebound, the reduction of distressed properties overall is good news for the real estate market.