US foreclosure filings surge 48 percent in May 2008

Foreclosure filings are up 7% from April and 38% from May last year. Nationwide, 261,255 homes received at least one foreclosure-related filing in May 2008. Nearly 74,000 properties were repossessed by lenders nationwide in May, while more than 58,000 received default notices, RealtyTrac said.

Here is the press release from RealtyTrac:
Foreclosure activity continued its upward climb in May, increasing on a year-over-year basis for the 29th consecutive month, according to the RealtyTrac U.S. Foreclosure Market Report released today. The report showed one in every 483 U.S. households received a foreclosure filing during the month, the highest monthly foreclosure rate since RealtyTrac began issuing its report in January 2005.

Bank repossessions (REOs) accounted for 28 percent of the total activity and the biggest increase among the three types of foreclosure filings tracked in the report. REOs were up 35 percent from the previous month and 158 percent from May 2007. Default notices increased 1 percent from the previous month and were up 35 percent year over year, while auction notices decreased 3 percent from the previous month but were still up 13 percent year over year.

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source: Foreclosure Downpour Continues in May
RealtyTrac
http://www.foreclosurepulse.com/archive/2008/06/11/45351.aspx

read also: US foreclosure filings surge 65% in April 2008
Wednesday, May 14, 2008
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