Bad news from the housing front- unless you're looking for a bargain...
Reports in the news indicate that 73,000 homes lost to foreclosure in May up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Filings for the month jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis.
This is according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.
Worst-hit
Nevada remained the most troubled default state for the 17th consecutive month. One out of every 118 households there received some kind of foreclosure filing during May, up 24% from the previous month and 72% from a year ago.
California led the nation in the sheer volume of filings, with nearly 72,000 properties in some stage of default, which works out to one out of every 183 households. More than 20,000 Californians lost their homes, more than any other state.
Florida recorded over 37,000 filings and 4,300 bank repossessions. Nine of the top 10 cities with the most foreclosure filings were in either Florida or California.
Stockton, Calif., was the worst-hit city last month, with one filing for every 75 households. Cape Coral, Fla., where one out of every 79 homes received a filing, was second. Other hard-hit places were Merced, Calif., which ranked third, Modesto, Calif., which was fourth and Riverside, Calif., which was fifth.
Las Vegas was the only city outside of California and Florida to crack the top 10. In May it had one filing for every 96 households - about five times the national average - which put it in sixth place.
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