US repossessions soar

The number of US homeowners swept up in the housing crisis rose further in May, with repossession filings up nearly 50% compared with a year earlier, a foreclosure listing company says.

Across the US, 261,255 homes received at least one foreclosure-related filing in May, up 48% from 176,137 in the same month last year and up 7% from April, RealtyTrac said.

One in every 483 US households received a foreclosure filing in May, the highest number since RealtyTrac started the report in 2005 and the second-straight monthly record.

Filings increased from a year earlier in all but 10 states. Nevada, California, Arizona, Florida and Michigan had the highest state-wide repossession rates.