RealtyTrac: New Foreclosures Decline

RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure decreased 2.5% nationwide in May.The company's Monthly U.S. Foreclosure Market Report indicates that 62,432 new foreclosure properties were added to the rolls in May, compared with 64,057 in April. "Although there were significant monthly fluctuations in some states, May's foreclosure numbers should help curb any immediate concerns of a nationwide real estate bubble," said James J. Saccacio, RealtyTrac's chief executive officer. The company said new reported foreclosures in New Mexico soared in May, giving it the nation's highest foreclosure rate. One property was in foreclosure in New Mexico for every 554 households, more than three times the national rate of one in 1,853, the company reported. RealtyTrac can be found online at http://www.realtytrac.com.