Foreclosures nationwide bucked their recent downward trend last month as the U.S. saw a 9 percent spike in foreclosure filings in May.
Online foreclosure database RealtyTrac reported that there were over 205,990 foreclosure filings in May. Foreclosure filings include various stages of the foreclosure process, such as default notices, bank repossessions, and scheduled auctions.
Baltimore saw a 24 percent increase month-over-month, rising from one filing for every 2,194 housing units in April to one in every 1,651 housing units in May. Prince George’s County saw a spike from one in every 897 units in April to one in every 611 units in May. The two regions contributed to a 47 percent increase statewide for Maryland from April to May.
Nonetheless, May 2012 numbers were still down 4 percent from May 2011. The results show that while the country appears to be climbing out of the economic downturn, it’s not close to being back to normal.
“U.S. foreclosure activity has now decreased on a year-over-year basis for 20 straight months including May, but the jump in May foreclosure starts shows that it’s going to be a bumpy ride down to the bottom of this foreclosure cycle,” RealtyTrac CEO Brian Moore said in a statement.
Foreclosures nationwide rose to over 200,000 for the first time in two months. Georgia has the highest rate of foreclosures in the country with one in every 300 housing units, followed by Arizona, Nevada, California, Illinois and Florida.