Foreclosures Surge In May, RealtyTrac Says
RealtyTrac also reported that the nationwide rate of increase for default notices and foreclosure auction notices slowed in May.
June 13, 2008
US property foreclosures jumped 48% in May from a year-ago and rose 7% from April, according to RealtyTrac, which keeps tabs on foreclosure activity in the US.
In May, RealtyTrac found, one in every 483 households received a foreclosure filing--the highest pace since RealtyTrac began issuing its report in January 2005.
RealtyTrac's database tracks 1.5 million properties from over 2,200 counties in the US.
"May was the third straight month where we’ve seen a month-to-month increase in foreclosure activity and the 29th straight month we’ve seen a year-over-year increase,” James Saccacio, chief executive of RealtyTrac, said in a prepared statements.
RealtyTrac also reported that the nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1% from the previous month and auction notices down 3% from the previous month.
Bank repossessions continued to surge in May—posting a double-digit percentage increase from the previous month and more than twice the number reported in May 2007. That pushed the total inventory of bank-owned REOs in RealtyTrac's database to more than 700,000.
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