Foreclosures Hit All-Time High In May
The number of foreclosure deeds filed in May reached an all-time high in May, rising 107.5 percent over May 2007, according to Boston-based real estate tracker The Warren Group.
The Warren Group said 1,405 foreclosure deeds were filed in May. Not only is that up from 677 in May of last year, it's up 5.3 percent from the 1,334 filed in April. And year-to-date, 5,576 foreclosure deeds have been filed, a 139.6 percent increase over the 2,327 filed in the first five months of 2007.
The filing of a foreclosure deed is the final step in the foreclosure process. The first step is the filing of a petition to foreclose. The Warren Group noted that petitions to foreclose were down nearly 82 percent in May compared to May 2007 and down more than 88 percent compared to April.
The drop is the result of a new law that went into effect in May that gives homeowners 90 days, rather than 30, to seek a way out of foreclosure. Even with the sharp drop in May, petitions to foreclose are still up more than 20 percent compared to last year.
WBJ Web Partners
Most Recent
Most Recent
0 Comments