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US Housing Slump Deepens

News, 20 September 2007


LOS ANGELES: Subprime mortgage chickens coming home to roost and the slump in the US realty market have resulted in a leap in foreclosures as owners fail to make payments or sell their homes.

California-headquartered specialist seller RealtyTrac says a total of 243,947 foreclosure filings were reported in August, up by an eyewatering 115% from 113,300 a year ago.

The numbers of home repossessions jumped to 42,789 in August, versus 20,116 a year earlier.

The figures - which are causing unwelcome tremors in the UK - represent the highest monthly total since RealtyTrac began its surveys two years ago.

Comments ceo James Saccacio: "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."

Data sourced from WashingtonPost.com; additional content by WARC staff