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Foreclosures experience uptick in May


Foreclosure levels rose slightly in May.

There was a slight gain in the overall foreclosure level during May, though it still fell notably from the same month in 2012.

Overall foreclosures totaled approximately 148,000 units last month, according to a report from RealtyTrac. This was 2 percent higher than April, but nearly 30 percent less than one year earlier. There was approximately one in 885 units that had a foreclosure filing across the country during May.

"Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years," said Daren Blomquist, vice president at RealtyTrac.

However, activity could edge higher in the coming months, as foreclosure starts rose 4 percent in May from April's figure, the report added. Even with this gain, it was still down more than 30 percent from May 2012.

While the foreclosure situation experienced a hiccup, there were other positive aspects in the housing market recently. The overall home price level rose more than 12 percent in April compared to one year earlier, according to a report from CoreLogic.

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