U.S. Home Foreclosures up by 48%
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U.S. home foreclosure filings in May increased from April and were a whopping 48 percent higher than a year earlier, real estate data firm RealtyTrac said Friday.
Home foreclosure filings in May totaled 261,255, up 7 percent from April, RealtyTrac, an online market of foreclosed properties, said in its U.S. Foreclosure Market Report. The figure is a total of default notices, auction sale notices and bank repossessions.
In April, home foreclosure filings had risen 4 percent from March.
RealtyTrac, based in Irvine, California, said the national foreclosure rate in May was one foreclosure filing for every 483 U.S. households.
“The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1 percent from the previous month and auction notices down 3 percent from the previous month,” Saccacio said in a CNBC interview.
Default rates and foreclosures have jumped over the past year as the housing market deteriorated.
Nevada had 9,009 foreclosure filings in May, up nearly 24 percent from the previous month and a 72 percent increase from May 2007.
California foreclosure activity in May increased 11 percent from the previous month, helping the state continue to register the nation’s second-highest state foreclosure rate.
Arizona ranked third highest in the nation, with one foreclosure filing for every 201 households in May.
It had 12,959 filings, up nearly 12 percent from April and almost 119 percent higher than a year earlier, RealtyTrac said.
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