Foreclosure Filings Plunge as Bank Delays Mask ‘True Face' of U.S. Crisis

``A total of 214,927 properties received default, auction or repossession notices in May, the fewest since November 2007, the Irvine, California-based data company said today in a statement. Filings dropped 33 percent from a year earlier and 2 percent from April... Foreclosure processing delays continue to mask the true face of the foreclosure situation," James J. Saccacio, RealtyTrac's chief executive officer, said in the statement. "Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month."''