June 21, 2009

Foreclosures Drop in May

The May foreclosure figures are just out, and the number of filings in the U.S. dropped 6%. That means that 1 in every 398 homes received a foreclosure filing in May. Once again, Nevada, California, Florida, and Arizona topped the list of states with the highest foreclosure rates — even though foreclosure filings were down 4.5% in California and 9% in Florida from April.

The drop in foreclosures should have plenty of people rubbing their eyes in disbelief. Good news, really? Could this be the beginning of the turnaround that so many homeowners have been hoping for?

While California based RealtyTrac reported the decrease, foreclosures remain at the third-highest level on record. Economists warn that foreclosure activity is likely to remain high for some time, and still get worse.

Rising unemployment is becoming a major cause of foreclosures, which increasingly involve prime borrowers. Job losses have pushed Utah, Idaho, Oregon, Illinois, and South Carolina up the list of the highest foreclosure rates. More than 1.7 million homes have already been repossessed since the foreclosure crisis began.

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