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Real estate foreclosures rise in May

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The number of U.S. properties entering the foreclosure process gained significantly in May from a year ago, according to an industry report released today. A total of 92,746 properties nationwide entered some stage of foreclosure during the month, up 1.7 percent from April and 28 percent from May 2005, according to RealtyTrac's May foreclosure market report. The report shows a May national foreclosure rate of one foreclosure filing for every 1,247 U.S. households. "Our May numbers echo the recent report by the Mortgage Bankers Association, which noted that delinquency and default activities were lower in the first quarter of 2006," commented James J. Saccacio, chief executive officer of RealtyTrac. "While our report confirms that the number of properties entering foreclosure is still significantly higher than it was during the same period of 2005, we've now seen two months of decreasing foreclosure rates followed by May numbers that were essentially flat. That three-month trend indic...