According to RealtyTrac's August 2007 U.S. Foreclosure Market Report, 243,947 foreclosure filings – default notices, auction sale notices and bank repossessions – were reported during the month, up 36% from July and up 115% from August 2006.
This is the highest number of foreclosure filings in a single month that RealtyTrac has reported since it began issuing the monthly report in January 2005. The national foreclosure rate of one foreclosure filing for every 510 households for the month is also the highest figure ever issued in the report.
"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," says James J. Saccacio, CEO of RealtyTrac.
"Another significant factor in the increased level of foreclosure activity is that the number of REO filings is increasing dramatically, which means that a greater percentage of homes entering foreclosure are going back to the banks," he adds.