Foreclosure Rates Continue Upward
RealtyTrac announced that national foreclosures increased less than 2% from April to May 2006, but are up 28% from May 2005. That translates to one filing for every 1,247 U.S. households during the month.
Colorado, Georgia and Texas had the three highest foreclosure rates in May. Florida had the eighth highest rate, with an increase of more than 6% with 8,898 properties entering some state of foreclosure. This was more than every state but Texas.
There is particular concern over Florida’s numbers. ForeclosureS.com found that foreclosure filings in Florida had increased 42.55% alone in the first quarter of 2006 over the fourth quarter of 2005.