Tuesday, June 16, 2009

Banks Can Now Take Your House 2009

Foreclosure rates jumped 18 percent in May, according to figures released Tuesday by RealtyTrac.

RealtyTrac, an Irvine, Calif.-based firm that tracks real estate statistic, said there were more than 300,000 foreclosure actions filed against U.S. homes in May, the third month it has exceeded the 300,000 mark.

Foreclosure actions include default notices, auctions and repossessions by banks. In all, 321,480 U.S. residential properties experienced a foreclosure action in May, or one in every 398 homes in the country.

RealtyTrac said an 89 percent spike in Oregon helped contribute to the May totals. Washington, Michigan, Arizona, Nevada and New York, also posted significant year-over-year increases.

In Oregon, 3,067 foreclosure actions were filed in May, or one for every 525 homes. Oregon ranks 12th in the nation for foreclosure. Deschutes, Clackamas, Columbia, Jackson and Josephine counties have Oregons highest foreclosure rates.

In Washington, there were 3,833 foreclosure actions in May, or one for every 716 homes, representing a 48.28 percent increase over a year ago.

Nevada, California and Florida had the highest foreclosure rates in the nation.