Housing Crisis Escalates all Over the U.S. in May

ForeclosuresRI President and co-founder, Jeremy Shapiro California remains deep in a foreclosure crisis, but there may be a small spark of hope. Lenders sent fewer pre-foreclosure notices to homeowners behind on their mortgages in May than they did in April. Lenders sent 43,011 "notices of default" to California homeowners last month, or 2.5 percent fewer than April. The number of U.S. homeowners swept up in the housing crisis rose further last month, with foreclosure filings up nearly 50 percent compared with a year earlier. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48 percent from 176,137 in the same month last year and up 7 percent from April. In Washington the Seattle area had about twice as many foreclosures in May as it did a year earlier but continued to have a far lower foreclosure rate than the country as a whole. King and Snohomish counties had a combines 881 trustee-sale notices and bank repossessions in May, one for every 1,219 households.

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