But overall, May numbers show an increasing number of new foreclosure filings across the U.S., opening up more buying options for Canadian bargain-hunters this summer.
Default, or scheduled-home-auction notices, were filed for the first time against a total of 109,051 homes last month, up 12% from April and up 16% from May last year, according to RealtyTrac.
A $25 billion settlement reached in February between the U.S.'s biggest mortgage lenders and state officials has made it easier for banks to start proceedings against homeowners who've fallen behind on their payments.
Overall, 33 of 50 states saw increases in homes entering the foreclosure process last month.
But it was the first time since 2006 that Georgia had the nation’s highest foreclosure rate, as activity jumped 30% in May from a year earlier, and some 33% from April. In all, one in 300 housing units in Georgia had a foreclosure filing last month.
Illinois saw its foreclosure activity rise 54% from a year earlier in May, with one in every 325 housing units pushing the state to a fifth overall ranking.
With heavy demand from Canadian investors, Arizona slipped to second on new foreclosure filings. One in every 305 housing units in that state had a foreclosure filing, with activity down 29% on the year to reach a 53-month low.
Overall, there were 205,990 U.S. properties with default notices, scheduled auctions and bank repossessions.
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