The number of new properties in foreclosure decreased 2.5% nationwide in May, with 62,432 compared to 64,057 in April, according to a survey conducted by RealtyTrac, a provider of property foreclosure and pre-foreclosure. "The number of new foreclosures reported in New Mexico skyrocketed in May, giving it the highest foreclosure rate among the 50 states -- one property in foreclosure for every 554 households," the study found. "This was more than three times the national rate of one foreclosure for every 1,853 households," RealtyTrac stated in a release.
Georgia experienced the second-highest number of foreclosures, with Florida, Colorado, Arizona and Texas (tied for fifth) rounding out the top five. Although both Arizona and Texas experienced a relatively high amount of foreclosures, the states both experienced significant declines.
Additionally, California's foreclosure numbers dropped 16%, lowering its foreclosure rate to close to half the national average. With a 30% decline in foreclosures, Pennsylvania's foreclosure rate dipped below the national average in May.
