Foreclosure Filings Down Eighth Straight Month

Irvine, CA, June 16, 2011 — Foreclosure filings are down for the eighth straight month, according to tracking firm RealtyTrac.

In May, filings fell 33% from a year earlier and 2% month-over-month. The number of homes that were repossessed in May also declined to 66,879, down 3.8% from April and 29% year-over-year, the firm said.

James Saccacio, the CEO of RealtyTrac, said the declines are likely due to foreclosure processing days brought on by the “robo-signing” scandal, when it was discovered that banks were careless with foreclosure documents.

In addition, banks can’t sell the homes they’ve already seized so they don’t want to repossess more homes.