Foreclosure rates jump 7% in May

The data from RealtyTrac also showed a 48% increase in foreclosures year over year.
JUN 13, 2008
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.

Latest News

Warren and Wyden press FINRA on ACATS transfer fraud gap
Warren and Wyden press FINRA on ACATS transfer fraud gap

Senators say brokerages leave accounts exposed to fraudulent transfers without verification, intensifying pressure as FINRA weighs its own fraud-hold rule

Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming
Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming

Meanwhile, the founder of advisor list gives reasons for secret $6 million payment to editor.

U.S. Bank names chief private banking officer for wealth unit
U.S. Bank names chief private banking officer for wealth unit

Internal C-level promotion comes as US Bank builds out private banking, athlete-focused advice and alternatives infrastructure.

Why planning is the only strategy that holds in every market
Why planning is the only strategy that holds in every market

A structured financial plan doesn't just prepare clients for the future, it transforms how they respond to the present.

Gemini, Apex deal reflects prediction markets move towards mainstream retail investing
Gemini, Apex deal reflects prediction markets move towards mainstream retail investing

Regulated prediction markets for retail brokerage clients is the latest sign that prediction markets are entering the mainstream investing toolkit.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income