US forecloure rate up 14 per cent

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.

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