Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were reported on 214,927 properties in May, according to RealtyTrac’s U.S. Foreclosure Market Report. It was the eighth-straight month of declines and a 33 percent drop from last year. James Saccacio, RealtyTrac’s CEO, said processing delays are partly responsible for the improvements, though there have been 16 consecutive months of year-over-year declines in default notices, which has led to a declining inventory of properties in the foreclosure process. Default notices fell 7.0 percent from the previous month and are 39 percent below May 2010. May’s total number of monthly defaults was the lowest its been since December 2006. More here.