The number of properties entering foreclosure grew 28% in May, when compared to one year ago.
In May, 92,746 properties across the country entered some stage of foreclosure, according to RealtyTrac.
The increase is just 1.73% over April's rate, but it is 28% over May of 2005's foreclosure rate.
According to the numbers, one in every 1,247 homes in America entered foreclosure in May.
Colorado has seen a 41% increase in foreclosures in the past year. The state retains the highest foreclosure rate status for the third month in a row. With 4.198 properties entering foreclosure in May,
Colorado had an increase of 13% since April in the amount of homes in foreclosure.
The resulting rate is one new foreclosure for every 436 homes in Colorado.
Georgia featured the second highest foreclosure rate in the country, with 5,769 homes entering foreclosure. The number has almost doubled in the last year. The state rate equals one in every 537 homes.
Texas had the most foreclosures and the third highest foreclosure rate for the sixth month in a row. Texas reported 14,506 properties in foreclosure -- a rate of one for every 555 households.
Florida and Utah rounded out the top highest foreclosure states. Florida saw a 6% increase in May with 8,898 properties in foreclosure. The state rate for Florida was one in every 821 households. Utah saw a rate of one in every 691 homes entering foreclosure in May.
Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!
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