Our Awful Situation
73,000 homes lost to foreclosure in May
Filings for the month jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis:
The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff’s sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.
“May was the 29th straight month we’ve seen a year-over-year increase,” RealtyTrac’s CEO James Saccacio said in a statement.
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