US foreclosure figures 'jump by 50%'

15 August 2008

Foreclosure filings in the American market have increased by over 50 per cent in the last year, according to latest nationwide figures.

Research from RealtyTrac shows that 272,000 US households received notice of foreclosure last month - up from 175,000 in July 2007.

A total of 77,000 homes were repossessed over the month, with filings increasing in 42 out of 50 states.

Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan were all identified as hotspots by RealtyTrac.

Rick Sharga, a vice president at the firm, said: "[Foreclosures] could start to stabilize as early as the first quarter of next year if the government program gains any traction.

"That's really the unknowable right now."

Irvine, California-based RealtyTrac also indicated that it currently had around three quarters of a million foreclosed homes on its books.

Chief executive James Saccacio added: "[This] number…represents approximately 17 per cent of the inventory of existing homes for sale reported in June by the National Association of Realtors."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development