If you want to buy a home at a bargain price, then today’s housing market is just for you. America’s cooling housing market is not only driving builders of new homes to slash their asking prices, but it is also precipitating a rise in the number of foreclosed homes going up for sale.

According to RealtyTrac, a large real estate data company, U.S. home foreclosures in May 2007 jumped 90 percent over May 2006. Foreclosures in May increased by 19 percent over April. The number of foreclosure filings for May was the highest recorded since RealtyTrac began recording foreclosure figures in 2005.

“After a barely perceptible dip in April, foreclosure activity roared back with a vengeance in May,” said James Saccacio, chief executive officer of RealtyTrac. And it appears the worst is yet to come. “Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year,” he said. “Certainly not every community nationwide is seeing an increase in foreclosures, but foreclosed properties are becoming more commonplace and adding to the downward pressure on home prices in many areas.”

Some states are being hit harder than others. California, Nevada, Colarado, Florida and Ohio lead the nation in foreclosures. In May alone, 39,659 homes went into foreclosure in California.

The massive jump in the number of homes falling into foreclosure in America is another sign of economic trouble in the U.S., and it will only get worse.

For years now, millions of Americans have been gorging themselves on new flatscreen tvs, exotic vacations, bigger homes, new cars, and major home improvements. This spending spree was induced in large part by an inexpensive and creative housing sector. Banks and finance companies designed creative new loans to help people purchase bigger, more expensive homes, or use up the equity from their existing homes. Credit flowed like water. Subprime lenders irresponsibly lent money to people they knew simply had no way to repay the loan.

Now, all this financial mismanagement is boomeranging back.

As the housing market cools and more and more people crumble under the weight of their self-imposed financial burdens, America’s romance with gluttony and materialism will come to a close. Times are clearly getting tougher.

If you are interested in stablizing your finances and building some financial security, read “Storm-Proof Your Financial House.”