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The report also showed that 1 housing unit in every 398 housing units nationwide received a foreclosure notice.
The number of American homeowners facing the risk of foreclosure homes is still increasing, but the annual pace is slowing down.
In May, the number of foreclosure notices nationwide increased by almost 18 percent to 321,480 compared to May 2008, based on data released by real estate research firm RealtyTrac. Compared to the previous month, the foreclosure figure represented a decrease of 6 percent.
James J. Saccacio, CEO of RealtyTrac, said the May foreclosure figure was the third biggest monthly figure on record. It also marked the third consecutive month that the total surpassed the 300,000 level, which is a first in RealtyTrac’s foreclosure monitoring history.
But Saccacio said the yearly increase was the smallest rise since June 2006.
However, foreclosure homes remains a risk for many homeowners as the unemployment rate continues to rise. Joblessness has become the major reason for loan defaults and foreclosure homes for many families.
Economists expect the nationwide jobless rate to increase from its current level of 9.4 percent to 10 percent. Some are even projecting that the rate would exceed the 10.8 percent level reached after the Second World War.
In the same month, approximately 65,000 houses were repossessed by banks and added to their foreclosure homes inventories, an increase from the 64,000 units in April. Large increases in Arizona, Michigan and Nevada accounted for most of the repossessed units.
President Obama launched early this year his Making Home Affordable program to reduce foreclosures, but many housing consultants say it is still not clear if the program is making a difference.
The continued decline in home prices has also accelerated the pace of foreclosures, as homeowners could not sell their houses at a price that would enable them to pay off their mortgage loans.
Based on data from the National Association of Realtors, sales of foreclosure homes properties accounted for over 45 percent of home sales in April.
Among the states, Nevada had the highest rate of foreclosure, with 1 in every 64 housing units receiving a filing, while California had the highest number of foreclosure filings, with a total of 92,249 filings. California and Florida trailed Nevada in foreclosure rates.
Among large metro areas, Las Vegas had the highest foreclosure rate, with 1 in every 54 housing units receiving a filing.
All these figures represented three stages of the foreclosure process. They also represent the number of families facing foreclosure homes.

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Joseph Smith has been educating buyers on the finer points of foreclosure">http://www.foreclosurehomesonsale.com/”">foreclosure homes at ForeclosureHomesOnSale.com for over five years.

Article Source: ArticlesBase.com - Over 321,000 Households Faced foreclosure homes in May

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