by Calculated Risk on 6/12/2007 02:46:00 PM

From Bloomberg: U.S. Mortgage Foreclosure Filings Rise 90% in May (hat tip Brian)

U.S. foreclosure filings surged 90 percent in May from a year earlier as more homeowners fell behind on their monthly mortgage payments, RealtyTrac Inc. said.

There were 176,137 notices of default, scheduled auctions and bank repossessions last month, led by California, Florida and Ohio, the Irvine ...

"Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year," [James Saccacio, chief executive officer of RealtyTrac] said in the report. That will add "to the downward pressure on home prices in many areas."