As housing market ramps up, so does pace of foreclosure filings

Lenders stepped up action last month against homeowners who had fallen behind on their mortgage payments, taking possession of more homes and initiating the foreclosure countdown clock on many others.

Bank repossessions jumped 11 percent nationally in May from the previous month, with monthly increases taking place in 33 states, including Utah, foreclosure listing firm RealtyTrac Inc. said Thursday.

The monthly pick up reflects a rise in homes entering the foreclosure process last year. Many of those homes wound their way through the often lengthy process and ended up becoming bank-owned properties. Overall foreclosure activity, however, was down 29 percent from May last year, reflecting the long-term downward trend. Salt Lake Tribune