Residential foreclosure rates in metro area up in May

The foreclosure rate in the metro Milwaukee area increased in May to 1.9 percent of outstanding mortgage loans, up from 1.6 percent in May of 2008, according to a new report from Santa Ana, Calif.-based First American CoreLogic Inc.

However, the area’s foreclosure rate in May was lower than the national rate of 2.5 percent.

The percentage of mortgages in the region that are 90 days or more delinquent was 4.8 percent in May, up from 3.6 percent in May of 2008, according to the report. The national average is 6.5 percent.

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