Greetings neighbors,

Signs of an improving economy are becoming more apparent with the latest news in foreclosure from RealtyTrac. According to their recent U.S. Foreclosure Market Report for May 2010, there was an 3% decrease from the previous month in foreclosure filings, default notices, and scheduled auctions/bank repossessions on a total of 322,920 properties. In comparison to May 2009, this number increased by 1%.

As for the breakdown of foreclosure activity in terms of default notices, there were a total of 96,462 U.S. properties reported last month. This was a 7% decrease in comparison to the previous month and a 22% decrease in comparison to May 2009.

The total number of scheduled foreclosure auctions came in at 132,681 for the first time which was a 4% decrease when compared to the previous month and a 1% decrease from last year's number.

For the second month in a row, the number of Bank repossessions (REO's) hit a record monthly high with a total of 93,777 U.S. properties that were repossessed. This number increased by 1% in comparison to the previous month and a 44% increase from last year.

Nevada, Arizona, Florida, California, Michigan, Georgia, Idaho, Illinois, Utah, and Maryland ranked among the top 10 in state foreclosure rates.