Foreclosures Continue to Climb in May

The housing crisis claimed more victims in May as U.S. foreclosure filings shot up 48% from year ago levels, according to RealtyTrac, Inc. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up from 176,137 in the same month last year and up 7% from April, RealtyTrac Inc. said. One in every 483 U.S. households received a foreclosure filing in May, the highest number since RealtyTrac started the report in 2005. Nevada, California, Arizona, Florida and Michigan had the highest statewide foreclosure rates. In Nevada, one in every 118 households received a foreclosure-related notice last month, RealtyTrac reported, more than four times the national rate. In California, one in every 183 households faced foreclosure. Weak home sales, falling home values, tighter mortgage lending standards and a soft economy has left troubled homeowners with little hope of staving off a foreclosure. Many can't find buyers or owe more than their home is worth and are unable to refinance.

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Date Last Updated: 06/18/2008