Foreclosures Continue to Skyrocket
The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1 percent from April and auction notices down 3 percent compared to April.
But bank repossessions surged in May, up 7 percent from April and 48 percent compared to May 2007, pushing the total inventory of bank-owned REOs to more than 700,000, according to RealtyTrac, which tracks and sells foreclosures.
“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,” said James J. Saccacio, chief executive officer of RealtyTrac
Nevada posted the highest foreclosure rate for the 17th consecutive month, followed by California, Arizona and Florida. Michigan, Georgia, Colorado, Massachusetts, Ohio, and New Jersey rounded out the top 10.
California, Florida, Michigan, and Arizona reported the highest actual numbers of foreclosures, followed by Ohio, Georgia, Texas, Illinois, Nevada, and New Jersey.
Source: RealtyTrac (06/13/08)
Posted by Carter Brown
No comments yet.