Foreclosure Activity Continues to Rise
Bargain Network reported last week that the number of properties entering some stage of the foreclosure process in May 2007 climbed approximately 6%.
For the second consecutive month, five states – Florida, California, Texas, Illinois and Colorado – accounted for 59% of the total number of foreclosure home filings. Florida posted the highest number of foreclosure home listings for the month, with 29,820 homes entering some phase of the foreclosure process – a 22% increase in filing activity over April 2007. California ranked second with 29,530 filings and a 17% increase in foreclosure activity since April 2007. Third place went to the Lone Star State with 11,012 filings, or one foreclosure for every 732 households. Illinois and Colorado rounded off the top five states with 9,525 and 8,662 new listings respectively.
Colorado’s foreclosure saturation rate was the highest in the U.S. for May, with an estimated one filing for every 211 households. Florida ran a close second with approximately one foreclosure home filing for every 245 households. The two states each recorded listings more than triple the national average for May of one filing for every 772 households.