Foreclosures Declining in the U.S.
June 10, 2009 by Stephen Kersey
Filed under Business
For the battered United States housing market, Wednesday brought some good news. Compared to April, houses that were close to being foreclosed were down by more than 5%. This report was courtesy of RealtyTrac Inc.
In total, approximately 320,000 houses received a notice of foreclosure in May. Year over year, that number is about 18% higher than May of 2008. While that may seem like a large increase, it was actually the smallest year over year jump in three years.
Overall, about one in every 400 homes in the United States received a notice of foreclosure. In the state of Nevada, one in every 64 homes. California and Florida also had high rates — one in 144 and one in 148, respectively.
May saw 65,000 homes repossessed by banks. That was a 1,000 home increase from April.
Some experts believe that more foreclosures will be coming soon. For a while, banks had become more lenient when it came to foreclosures. However, that grace periods seems to be ending.
Foreclosure Sign (Image: Flickr)
