Foreclosures Up 48% in May

RealtyTrac, which assembles foreclosure data on a state and national basis, notes that one in every 483 U.S. households received a foreclosure filing during the month of May. This is the highest monthly foreclosure rate since they began tracking foreclosures in January 2005.
Here's the breakdown:
• Lenders took possession of 73,794 houses in May -- 158% greater than the 28,548 REOs in May 2007• 1.2 million foreclosed single-family homes will enter the market • Foreclosures will account for 30% of national home sales in 2008 • Bank repossessions (REOs) accounted for 28% of total foreclosure activity• Default notices increased 35% year over year• The 3 highest foreclosure rates by state are Nevada (1 in every 118 households), and California (1 in every 183) Arizona's (1 out of 201) in May 2008• Auction notices were up 13% year over year (but decreased 3% from the previous month)• Foreclosed properties typically sell for ~20% less than comparable homes• Foreclosed properties depress local home prices by 6%
Wow, those are pretty robust numbers. Based on the foreclosure data alone, it appears that Housing is accelrating to the downside -- we are nowhere near a sustainable bottom yet . . .
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