Housing foreclosures dropped in May falling six percent from April.

But the overall rate of housing foreclosures still remains very high by historical standards.

One in every 398 homes received a foreclosure filing last month, according to the mortgage industry firm Realtytrac.

The Obama administration has announced a plan to provide $50 billion to help the mortgage industry reduce monthly payments for some customers.

But so far, it's hard to say how effective that plan has been.