RealtyTrac: Foreclosures Up 90% From May '06

More than 176,100 foreclosure filings were reported nationwide in May, up 19% from the level recorded in April and up nearly 90% from that of a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif.The nation's foreclosure rate stood at one foreclosure filing for every 656 households, the company said in its May 2007 U.S. Foreclosure Market Report. (Foreclosure filings include default notices, auction sale notices, and bank repossessions.) "After a barely perceptible dip in April, foreclosure activity roared back with a vengeance in May," said James J. Saccacio, chief executive officer of RealtyTrac. "Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year." The company said Nevada, Colorado, and California recorded the highest foreclosure rates in May. The company can be found online at http://www.realtytrac.com.