May foreclosures marked the third straight month where the total number of foreclosure filings exceeded 300,000, according to the May 2009 U.S. Foreclosure Market Report from RealtyTrac. Default notices, scheduled auctions and bank repossessions, were reported on 321,480 U.S. properties, a decrease of 6% from April but an increase of nearly 18% from April 2008.

"Bank repossessions or REOs were up 2% thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York," said James Saccacio, chief executive officer of RealtyTrac. "We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end."

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