U.S. foreclosure filings surge 48% in May

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U.S. foreclosure filings surge 48% in May

Story Created: Jun 13, 2008 at 8:13 AM EST

Story Updated: Jun 13, 2008 at 11:16 AM EST

WASHINGTON (AP) - More U.S. homeowners are being plowed under by the housing crisis.

A foreclosure listing company says filings last month were up by
nearly 50-percent compared with a year earlier.

RealityTrac says more than 261,000 homes received at least one
foreclosure-related filing in May. That's from 176,000 in May of last year. It's also a seven-percent jump over April.

One in every 483 U.S. households received a foreclosure filing in May, the highest number since RealtyTrac started the report in 2005.

Foreclosure filings increased from a year earlier in all but 10 states. Those with the highest rates are Nevada, California, Arizona, Florida and Michigan.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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