Foreclosure filings in May jumped 19 percent from April and surged nearly 90 percent from a year ago, an industry data firm said Tuesday.
RealtyTrac Inc. said foreclosure filings, which include default notices, auction sale notices and bank repossessions, spiked to 176,137 in May from about 92,746 in May 2006.
The national foreclosure rate in May was one filing for every 656 U.S. households.
“After a barely perceptible dip in April, foreclosure activity roared back with a vengeance in May,” said RealtyTrac Chief Executive James J. Saccacio. “Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year.”