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From: John McCarthy	9/9/2007 6:35:03 AM
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July U.S. foreclosures jump 93% 'Reset' clauses take toll on subprime borrowers Last Updated: Tuesday, August 21, 2007 \| 3:25 PM ET CBC News The number of U.S. foreclosure filings in July almost doubled over the same month a year earlier, according to data from a firm that tracks foreclosures. Realty Trac Inc. said 179,599 foreclosure filings were reported last month. That's nine per cent higher than June and 93 per cent higher than July of last year. The filings include default notices, auction sales notices and bank repossessions. It's possible one property could have more than one foreclosure filing if more than one mortgage was in default. Five states — California, Florida, Nevada, Michigan and Ohio — accounted for half the filings. In Nevada, one in every 199 households had a foreclosure filing in July. Realty Trac officials have estimated that the number of foreclosure filings in the U.S. could easily top two million for 2007. The U.S. mortgage industry has been devastated in recent months, as borrowers with risky subprime mortgages faced higher interest rates because of "reset" clauses in their loans. cbc.ca

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