Increase in annual home foreclosures

According to a report by RealtyTrac, home foreclosures have grown by seven percent in May & have increased by forty eight percent annually and in total there were 261,255 foreclosure filings in May.

Nevada was in the forefront with highest monthly foreclosure rate & 9009 filings. This was a twenty four percent increase from last month & a seventy two percent increase annually.

With 11% monthly foreclosure rate growth , California is next to Nevada and the annual increase was at 81%. Next was Arizona with 12% monthly foreclosure rate growth over last month & a 119% increase annually.

Another important point highlighted in the report is that the bank repossessions have continued their climb & had a double-digit percentage increase as compared to last month. As a result, bank inventories have swelled to over 700,000 homes.