US home foreclosures hit record May

By Staff Writer

From Fin24, by AFP

15 May

The survey by the research firm RealtyTrac said the percentage of foreclosure actions - including default, auction sale notices and bank repossessions - rose 4% from the prior month and 65% year-over-year.

The report showed one in every 519 US households received a foreclosure filing during the month.

"The total number of US properties with foreclosure activity in April was the highest monthly total we've seen since we began issuing the report in January 2005," said James Saccacio, chief executive of RealtyTrac.

"Although only about two percent of households nationwide are in foreclosure, these properties contribute to already bloated inventories of homes for sale, and put downward pressure on home values."

Areas of California, Florida, Nevada and Arizona that had seen booming home values before the property meltdown continue to be particularly hard-hit by foreclosure activity, the survey showed.

Despite a five percent month-over-month decrease in foreclosure activity in April, Nevada continued to hold the nation's highest state foreclosure rate, RealtyTrac said, with one in every 146 Nevada households in foreclosure, 3.6 times the national average.

California had the second highest rate in April, with one in every 204 households receiving a foreclosure filing.

Recent Articles

Featured What happens to the interest on your tax-free savings?

You may be interested in investing your savings in a tax-free savings account (TFSA). However, the amount you’re allowed to save in this kind of account is capped. So, what does this means for any interest you earn above the limit?

What does financial emigration entail?

Over the last couple of years, you’ve slowly been saving to move abroad. You’ve learned a new language, and mapped out all the places you plan to see. But should you take all your wealth with you?

6 Clever ways to spend your tax refund

After submitting your tax calculations to SARS, you may receive a tax refund. This is a tax break offered by SARS based on certain expenses. But what should you do with it? We have a look at six productive ways you can spend this money.

When to trade in your old car for a new one

You may have noticed that your car isn’t running as smoothly as it used to. This is particularly concerning if you’re hoping to sell it at a reasonable price, and buy yourself a modern alternative.

Deals

Full Body Massage at Meraki Beauty & Wellness Centre

Price: R99
When: Mondays to Thursdays
Where: Umhlanga

Archery and Drift Triking with Adventure Freaks

Price: R149
When: Mondays to Sundays
Where: Hartbeespoort

E-Bike Stellenbosch Wine Farm Tour and Wine Tasting

Price: R899
When: Tuesdays to Sundays
Where: Stellenbosch


Latest Guide

Guide to debt rehabilitation solutions