US home foreclosures hit record May

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.