US foreclosure filings surge 48 percent in May

A new program will allow homeowners who are 90 or more days overdue on their monthly mortgage payments to be given the opportunity to put the foreclosure process on pause for 30 days while lenders try to work out a way to make the mortgage more affordable to the homeowner. (AP/Stockton Record)
By  | 

Washington (AP) More U.S. Homeowners are being plowed under by the housing crisis.

a foreclosure listing compay 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.