>Foreclosures Up Almost 50% In May
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Foreclosures Rise 48% in May
As U.S. Housing Woes Deepen
Associated Press
June 13, 2008 9:10 a.m.
WASHINGTON — The number of U.S. homeowners swept up in the housing crisis rose further last month, with foreclosure filings up nearly 50% from a year earlier, a foreclosure listing company said Friday.
Across the U.S., 261,255 homes received at least one foreclosure-related filing in May, up 48% from 176,137 a year earlier 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 and the second-straight monthly record. RealtyTrac monitors default notices, auction sale notices and bank repossessions.
Foreclosure filings increased in all but 10 states. Nevada, California, Arizona, Florida and Michigan had the highest statewide foreclosure rates.
Metropolitan areas in California and Florida accounted for nine of the top 10 areas with the highest rate of foreclosure. That list was led by Stockton, Calif. and the Cape Coral-Fort Myers area in Florida.
The story said that 50% to 60% of those receiving foreclosure notices would actually lose their homes. The remainder would refinance or make repayment agreements with the mortgage companies and banks.
Read the entire AP story:http://online.wsj.com/article/SB121335000888571313.html?mod=djemRealEstate
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