Foreclosures Surge 48% in May

It's the second straight monthly record
By Newser Editors and Wire Services
Posted Jun 13, 2008 9:35 AM CDT
In this May 9, 2008 file photo, a foreclosure sign stands outside an existing home on the market in Denver.   (David Zalubowski)

(Newser) – The number of US homeowners swept up in the housing crisis rose further last month, with foreclosure filings up 48% over a year earlier. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 7%  from April and the second straight monthly record. That's one in every 483 US households, the highest number since the foreclosure listing company started the report in 2005.

Nearly 74,000 homeowners lost  their properties to repossession in May, a 158% jump from the previous year. Foreclosure filings increased from a year earlier in all but 10 states. Nevada, California, Arizona, Florida, and Michigan had the highest rates, while metropolitan areas in California and Florida accounted for nine of the top 10 areas.