U.S. Home Foreclosures Up 18%
San Diego real estate sales
RealtyTrac. released a report today that showed U.S. home foreclosure filings in May were 18 percent more than the same period last. On the positive side, home foreclosure filings in May fell 6 percent from April. This report stated that more than 321,000 households received at least one foreclosure-related notice last month.
David Urani, an analyst with Wall Street Strategies, said:
“Let’s remember that this is the third biggest month of foreclosures filings in history, behind the past two months, so even though it fell by 6 percent, we’re still at 321,000 (homes) here and that’s a big number. A glut of home supply and continuing downward pressure on prices could also make the coming months difficult for homebuilders. It’s kind of a reminder that, even though we’re seeing these sales increases lately, there’s still a big time foreclosure problem out there, I think that’s snapping people back to reality a bit.”
In California, 92,249 properties were foreclosed in May, the highest total of any state and up almost 23 percent from May 2008, RealtyTrac reported.