Industry News

Foreclosure filings continue to rise

RealtyTrac reports 90% year-over-year gain in May

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Foreclosure filings jumped 90 percent in May compared to the same month last year, reported RealtyTrac, a company that maintains a national database of pre-foreclosure and foreclosure properties. The company's U.S. Foreclosure Market Report for May shows 176,137 foreclosure filings, including default notices, auction sale notices and bank repossessions -- a rate of one foreclosure for every 656 households. The number of foreclosure filings rose 19 percent compared to April 2007. RealtyTrac's previous monthly report for April found that foreclosure activity for that month was up 62 percent compared to April 2006. Nevada's foreclosure rate of one foreclosure for every 166 households in May was the nation's highest for the fifth month in a row, RealtyTrac reported, and about four times the national average. RealtyTrac reported 5,235 foreclosure filings in May, a 40 percent increase compared to June and about five times higher than the May 2006 total. "Foreclosure activity roar...