Foreclosure Filings Up in May - 48 Percent
Foreclosure filings were significantly up last month signifying an increase in foreclosures both in the last year as well as within just the last month.
Foreclosure filings last month were up nearly 50 percent compared with a year earlier, according to one company’s count released yesterday. Nationwide, 261,255 homeowners received at least one foreclosure-related filing in May, up 48 percent from the same month last year, and up 7 percent from April, foreclosure listing service RealtyTrac said.
That increase is in the filings related to foreclosure. Its kind of a measure of the red tape that is filed as opposed to the actual foreclosure itself. Its akin to measuring the number of divorces by all the divorce related letters, and correspondence of the lawyers involved in the proceedings, which could be measured in feet of paperwork with scores going up like a nightmare version of an xbox 360 game. Its very similar unfortunately for foreclosures.
However the increase in foreclosures is not just a red tape escalation, but the real deal. The number of total mortgages in a state of foreclosure as measured in a percentage was 2.47 percent up from 1.28 percent during the first quarter a year ago.
