The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.
"May was the 29th straight month we've seen a year-over-year increase," RealtyTrac's CEO James Saccacio said in a statement.
Friday, June 13, 2008
Bank Repossessions up 158%
73,000 people lost their homes to bank repossessions in May 2008, up 158% from May 2007. From CNNMoney: