Tuesday, September 18, 2007

Home Foreclosures Rise 36 Percent In August

Month's Total More Than Doubles From Year Before

LOS ANGELES -- Signaling deepening trouble for homeowners, the number of foreclosure filings reported in the U.S. last month more than doubled from the year before and jumped 36 percent from July.

Experts said the trend suggests many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump and credit crunch.

The California-based company, RealtyTrac, said August's total represents the highest number of foreclosure filings reported in a single month since the company began tracking monthly filings two years ago.

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