FORECLOSURES: May 2012 Update

RealtyTrac reported on Thursday, June 14th, 2012, that home foreclosure filings increased by 9% in May 2012 from April 2012. There were an astounding 205,990 total real estate properties that were subject to foreclosures: including default notices, scheduled home auctions or bank/mortgage lender repossessions. [RealtyTrac]

Georgia has the unfortunate distinction of leading the field, posting the highest foreclosure rate of 1 in 300 housing units subject to some types of foreclosure proceeding. Traditionally, this depressing recognition has gone to the sunshine states of Florida, California, Nevada and Arizona.

Nationally, one in 639 homes was subject to foreclosure during May 2012. However, in the metropolitan Atlanta area, 1 in 224 housing units was tagged for either repossession or outright foreclosure.

But, the news is not all bad in the housing market. The managing director of the Harvard University Joint Center for Housing Studies, Eric Belsky, reports that "a floor is beginning to form under home prices."

Record-low mortgage rates could be providing a boost for the housing market. Freddie Mac said last week that the average rate on a 30-year loan dropped to 3.67 percent. A record.

[www.ajc.com/business/firm-georgia-foreclosure-rate; The Atlanta Journal-Constitution, Friday, June 15, 2012; Harvard University Join Center for Housing Studies; economywatch.msnbc.msn.com/news/2012/0614/12203711-foreclosure-activity; cpf.cleanprint.net/cpf/6/14/2012]