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)

Post from: EveryJoe

Foreclosures Declining in the U.S.

Foreclosure Sign (Image: Flickr)

From February to March, foreclosures were up 17%. Comparing March 2009 to March 2008, foreclosures are up nearly 50%. In the first quarter of 2009, the report indicates that foreclosures are up almost 25%.

Foreclosures are an epidemic that President Barack Obama has targeted to try to get under control. He has talked about a plan that would help up to 9 million people with mortgages avoid foreclosures. The White House appears to be prepared to spend tens of billions of dollars to try to slow down this trend.

According to most experts, things would get a lot worse before they got better within any type of plan to help both the borrowers and the lenders. Banks are just now becoming more aggressive in going after those who have defaulted on their loans.

Post from: EveryJoe

Foreclosures in the U.S. up 17% in March