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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: RonMerks who wrote (6451)	9/18/2007 12:42:37 PM
From: Broken_Clock	Respond to of 50011

US home foreclosures soar 36 percent in August: survey Sep 18 11:46 AM US/Eastern Home foreclosures in the United States surged 36 percent in August from the prior month and more than doubled from a year ago, a leading foreclosure data firm said Tuesday. RealtyTrac said foreclosure filings -- including default notices, auction sale notices and bank repossessions -- jumped to 243,947 in August, compared with 179,599 in July and 113,300 in August 2006. The company said the August number of foreclosure filings is the highest in a single month since it began issuing its monthly report in January 2005. Filings were under way nationwide in an average of one in 510 homes, also the highest figure ever reported, with state sof Nevada, California and Florida the worst affected, RealtyTrac said. "The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now," said James Saccacio, chief executive of RealtyTrac. "Another significant factor in the increased level of foreclosure activity is that the number of REO filings (bank repossessions) is increasing dramatically, which means that a greater percentage of homes entering foreclosure are going back to the banks." RealtyTrac said banks repossessed 42,789 homes in August, compared with 26,842 in July. The states hardest hit by the collapse of the US housing boom of the early 2000s were Nevada, where filings were under way for one in 165 homes; California, with one in 224, a fourfold increase from a year ago; and Florida, with one in 243. Among other states with large numbers of foreclosures were Georgia, Ohio, Michigan, Arizona, Colorado, Texas and Indiana.