The Real Deal Miami

Foreclosures could skyrocket in May

May 12, 2009 02:12PM

Real estate professionals and observers are expecting a surge in foreclosures nationwide in May, CNBC reported. Mark Hanson of the Field Check Group, who works with ForeclosureRadar.com, said he thinks the banks were not able to process all of the distressed loans that got backed up due to the holiday foreclosure moratoria. As the banks start to process those loans, the number of foreclosures will increase. In California, for example, the number of properties going into foreclosure began to surge on May 4.