U.S. property foreclosures jump 36 percent

IRVINE, Calif., Sept. 18 (UPI) -- U.S. property foreclosures jumped 36 percent in a month and 115 percent from the same month a year earlier, a national realty report said Tuesday.

August's 243,947 foreclosure filings compares with 179,599 foreclosure filings in July and 113,300 in August 2006, said RealtyTrac Inc., which tracks foreclosure properties.

Filings include default notices, auction sale notices and bank repossessions, RealtyTrac said.

August's figure was the biggest in a single month since RealtyTrac began issuing a monthly report in January 2005, it said.

The national foreclosure rate last month amounted to one filing for every 510 households, the company said.

"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," Chief Executive Officer James Saccacio said.

Bank repossessions also jumped, to 42,789 homes nationwide, compared with 20,116 a year earlier, RealtyTrac said.

Nevada, California and Florida had the highest foreclosure filing rates, with Nevada reporting one foreclosure filing for every 165 households -- more than three times the national average.

Three California cities -- Modesto, Stockton and Merced -- had the highest rates among metropolitan areas, RealtyTrac said.