Foreclosure rates jump 7% in May

U.S. foreclosures jumped 7% in May, the third consecutive month of increases in foreclosure rates. The data from RealtyTrac of Irvine, Calif., also showed a 48% increase in foreclosures year over year, the 29th consecutive month that has happened. One in every 483 U.S. homes — or 261,255 properties — received a default notice, auction sale notice, or was repossessed by a bank, according to a statement released today by RealtyTrac, a real estate market data tracking firm. Nevada, Arizona, California and Florida led the nation in the number of foreclosures, with month-to-month increases of 23.82 %, 11.52%, 11.12% and 5.96%, respectively. More than 70,000 homes were foreclosed on in May in California alone, and the Golden State has a year-over-year increase in foreclosures of more than 81%. Nine of the 10 metropolitan areas with the highest foreclosure rates in the country were in Florida and California. For example, one in every 75 homes is being foreclosed on in the Stockton, Calif., area.