The number of homes in the United States that are being foreclosed upon continues to increase for the second month in a row. This is according to last statistics, and the increase is nationwide. Lenders in all areas are moving forward with taking property that people haven’t been able to pay for. The increase is a whopping 44% for May.

According to some real estate experts, the outlook at this time is very grim. In fact, it is believed that quarterly records are going to be set if the June process of banks seizing homes in foreclosure continues like it has for the past two months. This means that we are nowhere near getting out of this economic slump as a nation.

While lenders never like being in the position where they have to take back homes, that is the next step when homeowners aren’t able to keep their end of the obligation. It is estimated that another 5 million homes will end up in the foreclosure process in the months ahead due to people not being able to successfully pay for their monthly mortgage payments.

Statistics show that over 3 million homes have been seized by banks due to foreclosures since April of 2005. Even though fewer people are falling behind on their mortgages, those that are behind owe a substantial amount of money to the lender. They aren’t able to work out payment arrangements to satisfactorily get back on track.

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