Econ Note: RealtyTrac Says Foreclosures Dropped 3% in May

Research firm RealtyTrac says that foreclosures dropped in May to 322,920, down 3% from April and 1% from a year ago. But, the numbers, while down, remained above 300,000 for the 15th month.

"The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months," said RealtyTrac CEO James J. Saccacio.

The states which remain hardest hit by foreclosures continue to be Nevada, Arizona, and Florida. Ten states, including the three aforementioned, plus California, Michigan, Illinois, Georgia, Texas, Ohio, and New Jersey accounted for 70% of all foreclosures in the month of May.