RealtyTrac: Foreclosure Filings Keep Rising

Foreclosure filings rose 7% in May and were nearly 48% higher than the level of a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif. The company's U.S. Foreclosure Market Report indicates that foreclosure filings -- default notices, auction sale notices, and bank repossessions -- were reported on 261,255 properties in May. "May was the third straight month where we've seen a month-to-month increase in foreclosure activity, and the 29th straight month we've seen a year-over-year increase," said James J. Saccacio, RealtyTrac's chief executive officer. "The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1% from the previous month and auction notices down 3% from the previous month." However, bank repossessions "continued to surge," he said. The company reported that Nevada, California, and Arizona recorded the highest foreclosure rates in May. RealtyTrac can be found online at http://www.realtytrac.com.