5 States Where Foreclosure Starts Are Surging


The banks are going to take five of these and turn them into a hotel.

Foreclosure filings were reported on 148,054 U.S. properties in May, according to RealtyTrac’s U.S. Foreclosure Market Report. This is an increase of 2 percent on the month, but a decline of 28 percent on the year. One in every 855 housing units had a foreclosure filing in May.

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“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” commented Daren Blomquist, vice president at RealtyTrac. “Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

Here’s a look at the five states where Foreclosure starts increased the most in May.