America’s foreclosure phenomenon is showing no firm signs of easing, according to new figures from a real estate specialist.

Leading property website realtytrac.com said foreclosure filings were reported on 739,714 US properties during the second quarter of 2008 - nearly 14 percent increase on the previous three months.

This figure is also a 121 per cent rise on the second quarter of 2007 and shows one in every 171 American homes have received a filing over the last three months.

States in the south west are seeing particularly steep figures, with Nevada, California and Arizona producing the highest foreclosure rates.

Realtytrac chief executive James Saccacio, said:

“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity.”

The Stockton area of California is seeing the most activity, with one home in every 25 going through foreclosure.

Despite a nearly 15 per cent decrease in foreclosure activity in the second quarter, Colorado posted the nation’s fifth highest foreclosure rate — one in every 129 households.

A Dubai-based bank has suggested a huge capital gains tax measure to discourage short-term property investors.

Gulf News reports Standard Chartered Bank believes a 50 per cent rate on properties bought and then sold on within 12 months would discourage speculators and “improve the stability of the market”.

The bank’s suggestion comes amid fears the ongoing interest of foreign buyers in the Dubai market is destabilising the local economy.

In comments likely to concern property investors around the world, Gulf News quoted Marios Maratheftis of the bank as saying:

“It is a hot topic and having a huge impact on the economy. We need to get speculators out of the market.”

Short-term property investors, rather than buyers looking for a property for the long haul were “hurting the market” he added.

Mr Maratheftis is the bank’s regional head of research for Middle East, North Africa and Pakistan.

If introduced, such a tax would mean an investor spending £326,000 on an apartment in development such as Zero Five Zero Dubai Waterfront, close to the Dubai Marina, would face losing £10,000 if able to sell it on for £336,000 within a year.

European property investors remain confident the value of their homes will rise over the next five years even if prices fall or stay still in the near future, a survey has shown.

The Financial Times/Harris poll reveals British homeowners join the Spanish and Italians in a group most upbeat about the future of the market.

However, the British are also listed by the research as being the most pessimistic about the immediate future, with 42 per cent saying they expect prices to drop in the next 12 months.

The poll also confirmed the UK and Irish markets have seen the most dramatic falls from grace, with Cyprus and Sweden among a small number of areas still reporting considerable growth.

Earlier this month the FT quoted Jeremy Helsby, chief executive of agents and consultants Savills, as saying tough conditions

“make predictions of full-year performance very difficult”.

A European house price guide published by the paper shows Poland and Northern Ireland were among countries which experienced the highest house price growth in 2007, while values in countries such as Austria and Germany remained flat.

Germany records markedly low growth of just 1.1 per cent between 2003 and 2007.