We operate a foreclosures site and have seen a huge increase in the number of foreclosures in the past 4 months. I believe it is a combination of not only sub-prime and ARM mortgages, but also the high number of people who have gotten loans with interest rates at an all time low. . .in addition to the rapid depreciation in some areas and the difficulty some are experiencing in selling their homes.
This is the 5th straight month that we have seen an increase. As a matter of fact, the foreclosure rate for May increased to 1 home being foreclosed on out of every 656 houses in the United States.
Nevada had a large increase in foreclosure activity. . . . . 5,235 foreclosure filings during the month, that is an increase of 40 percent from April and was nearly 5 times the number reported in May of 2006.
In second place, Colorado had one foreclosure filing for every 290 households, which was more than 2.3 times the national average. Colorado's foreclosure activity, at 6,231 foreclosure filings in May, rose 9 percent from the previous month and was an increase of more than 50 percent from May 2006
The state's foreclosure total was the eighth highest among the states.
California, the largest state, reported foreclosure activity increasing by 30 percent from the previous month and more than 350 percent from May 2006, which boosted the state's foreclosure rate to the third highest in the country.
California documented one foreclosure filing for every 308 households, which as more than twice the the national average.
Florida, Ohio, Arizona, Georgia, Michigan, Indiana and Connecticut were some of the other states with foreclosures rates ranking among the nation's 10 highest in May.
http://www.CurrentForeclosures.com >Current Foreclosures