Filings for foreclosures in the month of May spiked 9% compared to April in a study done by RealtyTrac. The report says that 205,900 U.S. properties filed for foreclosures in May, which was the first monthly increase since January. Bank repossessions also increased greatly, up 7%. The increase in numbers was expected because of the settlement of the “robo-signing” case in April. It forced banks to slow the foreclosure process to make sure that they had the necessary paperwork.
Out of the 50 states, Georgia was the state with the highest foreclosure rate, Arizona, Nevada and California followed right behind them. Of all of the metro areas in the United States, Riverside (California) had the highest foreclosure rate with Atlanta, Phoenix and Chicago trailing.