CoreLogic President and CEO Anand Nallathambi mimics Fleming’s concerns, pointing out that the pace of completed foreclosures slowed a bit in May, but adds that the respite is likely only temporary.

“There is still much more hard work to do to clear the backlog of foreclosed properties,” Nallathambi says. “Although difficult, we need to continue to aggressively clear distressed homes to ensure the return of a healthy market.”