Foreclosure Floodgates Opening?

RealtyTrac tells NationalMortgageNews foreclosure filings for May 2012 numbered 205,900, the highest rate in three months, a rise of nine percent from April, but four percent lower than May 2011. Default notices and scheduled auctions increased to 109,000 in May, a 12 percent increase over April and 16 percent more than last May. One in every 639 housing units experienced some type of default notice, auction, or bank repossession nationwide. The nation’s highest foreclosure rate was in Georgia where one in 300 homes had a foreclosure filing, a 33 percent increase for the month, and the first time since Feb. 2006 GA led the country in that category. has learned North Carolina led all states in real estate-owned (REO) activity with a 66 percent increase in May, 2012.

(Image credit: FloridaForeclosuresDefenseLawyer)

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