The pace of residential properties entering foreclosed home auctions in Springfield, Missouri in May increased, according to local real estate records.

In May, about 1.1 percent of homeowners with mortgage loans in Springfield have seen their houses go to foreclosed home auctions in May, a .70-percentage point increase from the rate of 0.40 percent in May 2008. Despite the increase, the foreclosure pace in Springfield was still lower than the nationwide foreclosure rate of 2.5 in May this year.

According to the same study, the rate of mortgage delinquencies in Springfield also increased in May 2009. Nearly four percent of home loans were delinquent by three months or more, a substantial increase from the 2.1 percent share in May 2008.

In the 12-month period from June last year to May this year, more than 3,200 foreclosure actions were filed in Springfield, translating to an equivalent of nearly 9 foreclosure filings each day.

In the previous one-year period from June 200 to May last year, nearly 2,000 foreclosure actions were filed, translating to an equivalent of nearly 6 foreclosure filings per day.

Local real estate researchers included all types of foreclosure filings in their data collection activities, including notices of default or pre-foreclosure notices, notices of foreclosure sale or sale notifications and the foreclosed home.

Notices of default are typically sent to homeowners who have already missed 3 months of payment. If the properties are not sold at scheduled foreclosed home auctions, the banks or other lenders take back the foreclosed properties and then list them as bank-owned or real estate owned properties.

In a report of nationwide foreclosures in May, Missouri is 26th in a ranking of states with the fastest foreclosure paces, with one housing unit out of every 947 housing units in the state getting a foreclosure filing.

Just like in other states, the high joblessness rate in Missouri has been causing the rise in mortgage defaults and foreclosure filings in the state. In March this year, the state reached the jobless rate of 8.7 percent, the state’s highest unemployment rate in 25 years.

In April, Springfield reached the jobless rate of 7 percent, a 3.2-percent increase from the jobless rate in April 2008. In most households, when the source of income is lost, the monthly home loan payment is sacrificed.

Nearly 2,800 foreclosure actions were filed in the state in May, with 960 units already taken back by the bank or already in foreclosed home auctions.