Industry News

Sunbelt states push August foreclosure filings up 36%

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Nationwide foreclosure filings jumped 36 percent from July to August, data provider RealtyTrac reported today, led by sharp increases in Sunbelt states where inflated home prices rather than economic problems like job losses are thought to be the driving factor. "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," James Saccacio, chief executive officer of RealtyTrac, said in a statement accompanying the release of the report. Foreclosure filings climbed in 45 states from July to August, with Arkansas, Kansas, Massachusetts, Mississippi and New Mexico the only exceptions. Looking back one year, foreclosure filings were up 115 percent, to 243,947, RealtyTrac reported, with only three states -- Illinois, Nebraska and Oklahoma -- recording a decline from August 2006 levels. California and Florida climbed RealtyTrac's list of states with the ...