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America’s growing pile of foreclosed homes is still growing with activity up 12 per cent in August, a study has shown.
Foreclosure filings were reported on 303,879 US properties during the month, property specialists RealtyTrac said.
The same report shows one in every 416 American homes received a foreclosure filing through the month.
James Saccacio, chief executive of RealtyTrac said:
“In August the total number of US properties that received foreclosure filings as well as the national foreclosure rate were both the highest we’ve seen in any month since we began issuing our report.”
However, he also noted a year-on-year foreclosure increase figure of 27 per cent was actually lower than other 2008 months, which had seen some annual surges as high as 50 per cent or more.
This could be down to a considerable spike in filings in August 2007, Mr Saccacio said. Nevada remains America’s foreclosure hot spot, with one in every 91 homes undergoing a filing throughout August.
California and Arizona follow in second and third place respectively, suggesting West coast and mid-west regions could be the best places to grab a US property investment bargain.
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