321,500 properties were subject to foreclosure, default notices or a bank repossession or auction. This is the third consecutive month that foreclosed properties have been above the dangerous 300,000 mark. Foreclosure filings fell 6% for the month of May, but are still up 18% from the same period last year.
One of every 398 homes in the country faced foreclosure in May, and according to RealtyTrac there was a +2% increase in bank repossessions.
- Nevada, California and Florida remained the states with the highest foreclosure rates for the last month.
- Nevada: 1 in every 64 homes face foreclosure
- California: 1 in every 144 homes face foreclosure
- Florida: 1 in every 148 homes face foreclosure
Are you in danger of foreclosure, or have an underwater mortgage? If so, learn more about the process with Go Banking Rates. You can also learn more about the best mortgage rates available if you’re looking to invest in a foreclosed property.
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