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Foreclosure News | Foreclosure Resources

Foreclosure Increase Continues

261,255 foreclosure filings in May

June 13, 2008

By MortgageDaily.com staff

Monthly foreclosures worsened in every category, a widely watched report said.

During May, 261,255 foreclosures were filed across the country, RealtyTrac reported today. Filings, which include default notices, auction sale notices and bank repossessions, rose from 243,353 in April and 176,137 in May 2007.

The Irvine, Calif.-based tracking service said May's findings were based on data from more than 1.5 million properties in more than 2,200 U.S. counties.

So far this year, 1,154,525 foreclosure filings have been made.

California saw 71,930 filings, more than any other state. Florida followed with 37,364, then Arizona, at 12,959. No. 4 was Michigan, which had 12,792 filings, and Ohio was No. 5, coming in with 12,295 filings.

With just three filings, Vermont had the fewest foreclosures of all 50 states.

Real estate owned filings nationally were 73,794 last month, RealtyTrac said. REOs rose from 54,574 in April and 28,548 a year earlier.

California also saw more REOs than any other state, 20,237, followed by Ohio, with 5,589, and Michigan, at 5,144. Texas had 4,384 REOs, and No. 5 Arizona saw 4,287.

With just one REO, South Dakota had the fewest filings.

RealtyTrac said the national foreclosure rate last month was one filing for every 483 households, worsening from one filing for every 519 households in April and one filing for every 656 households in May 2007.

The latest month represents the worst foreclosure rate since RealtyTrac began reporting foreclosures in 2005.

Nevada had the worst foreclosure rate during the most recent month, with one foreclosure filing for every 118 households. At one filing for every 183 households, California was No. 2. Next was Arizona, at one filing for every 201 households, then Florida, with one filing for every 228 households. No. 5 was Michigan, which had one filing for every 353 households.

The lowest foreclosure rate was in Vermont, where one filing was made for each 103,186 households.

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