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U.S. Foreclosure Rate Highest Since January 2005, RealtyTrac Says
Jacqueline Gilbert | 06.13.08

  Foreclosure filings nationwide in May, which include default notices, auction sale notices, and REOs, increased 7 percent from the previous month and nearly 50 percent from a year ago, according to RealtyTrac's latest U.S. Foreclosure Market Report. When it comes to the nation's foreclosure rate, one in every 483 households posted a foreclosure filing—a record-level high since the data provider began issuing the report in January 2005.

  According to RealtyTrac CEO James J. Saccacio, May was the third straight month that has experienced a month-to-month increase in foreclosure activity and the 29th straight month the nation has seen a year-over-year increase. “The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1 percent from the previous month and auction notices down 3 percent from the previous month. However, bank repossessions continued to surge in May—posting a double-digit percentage increase from the previous month and more than twice the number reported in May 2007—which pushed the total inventory of bank-owned REOs in our database to more than 700,000,” he said.

  The states to record the top foreclosure rates: Nevada, California, and Arizona. Nevada lead the pack for the 17th consecutive month, registering the high of one in every 118 households filing for foreclosure. Nevada experienced 9,009 total foreclosure filings, a near 24 percent increase from April and 72 percent increase from May 2007.

  The digs on California and Arizona: a foreclosure rate of one in every 183 households and one in every 201 households in May, respectively. California's foreclosure rate was 2.6 times the national average and RealtyTrac statistics show that Arizona's foreclosure activity not only increased by 12 percent from April, but nearly a staggering 119 percent from a year ago.