May Foreclosures Decline in South Florida

Foreclosures declined in May across South Florida as lenders work through a backlog of distressed properties, RealtyTrac Inc. said Thursday.

Broward had 6,719 homeowners in some stage of foreclosure last month, down 6% from April and 41% from May 2009. Still, Broward had the third-highest foreclosure rate among Florida's 67 counties. Florida had the nation's third-highest foreclosure rate.

Palm Beach County had 2,977 homeowners in foreclosure, a decline of 2% from April and 21% from a year earlier.

Nationwide, foreclosures fell 3% from April and increased less than 1% from a year ago, according to RealtyTrac, an Irvine, California based tracking firm.

Some analysts say foreclosures are leveling off as lenders work with more homeowners to stay in their properties. Others insist that more foreclosures are in the pipeline, and banks are being careful not to release them to market all at once to prevent major price declines.