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Foreclosures Surge 90% In May

By
Mortgage and Lending with Thomas R. Weiss

Very Interesting

The number of foreclosure filings-and default notices, auction sales notices, and bank repossesions- were up 19 percent in May from the previous month but up nearly 90% from May 2006. Realty Trac shows a national foreclosure rate of 1 in every 656 households were in foreclosure in the month of May and a total of 176,137 foreclosures for that months as well.

Top states

Nevada- in May, 1 out of every 166 households had a filing for foreclosure in May.

Colorado- in May 1 out of every 290 households had a filing for foreclosure in May.

California- in May 1 out of every 308 households had a filing for foreclosure in May.

I am sorry California but for the Fifth straight month California reported the most foreclosure filings of any state with 39,659 filed in May

My state Florida is Fourth highest amongst all states.

Other States with foreclosure filings totals amongst the nation's top 10 Highest in May were Texas, Michigan, Georgia, Illinois, Colorado, Arizona and Nevada.

Good Reading To All

Tom

Comments (4)

Todd Murphy
Fitts Agency - Tuscaloosa, AL

This is concerning.

Jun 14, 2007 05:08 AM
Thomas Weiss
Thomas R. Weiss - West Palm Beach, FL
Yes, it's horrible where is everyone going?
Jun 14, 2007 05:13 AM
John Barry Seattle Washington Home Loans
Home Loans - Kirkland, WA
I think it will get worse for awhile before it gets better. Hopefully with some of the stricter lending guidelines..it will keep those who are not quite ready to buy out of the market until they improve their situations.  We'll see what happenbs with the values with more foreclosures.
Jun 14, 2007 05:14 AM
Thomas Weiss
Thomas R. Weiss - West Palm Beach, FL
I wonder what people are going to do, stricter guidelines will make it impossible for people to buy new homes for at least right now.
Jun 14, 2007 05:17 AM