Foreclosures soar to new high in May

RealtyTrac says foreclosure filings soared in May ...

* They were up a whopping 90% to 176,137 from 92,746 a year earlier.

* The May tally was also up sharply (19.3%) from April, when RealtyTrac tallied 147,708 foreclosures.

* The reading is the highest yet for this series, which goes back to early 2005.

* RealtyTrac said Nevada led the nation with 1 foreclosure for every 166 households. Colorado was in second place, with 1 filing per every 290 households. On a pure "number of foreclosures" basis, California led the U.S., with Florida next in line.

The ongoing credit problems in the mortgage industry show no sign of letting up. Monthly foreclosure filings are rising because more adjustable rate mortgages are hitting their adjustment dates and more interest only mortgages are starting to require payments on principal as well. At the same time, home prices are stagnant or falling, sharply in some markets. That's making foreclosure the only way out for many homeowners.