Foreclosures 'show fresh increase'

The number of foreclosures in the US rose in the third quarter of this year, figures from housing research body RelatyTrac have revealed.

Up five per cent on the previous three-month period, the total of homes repossessed was 937,840, with one in every 136 homes receiving at least one filing.

However, September's tally of 343,638 was four per cent down on the August total.

RealtyTrac identified the states with the highest rates of foreclosures as Nevada, Arizona and California.

Those seeking to pick up bargains when such homes are sold on cheaply by banks may find they have a plentiful supply to choose from.

Foreclosures will continue to become more frequent in the months ahead, despite the US economy coming out of recession, it has been predicted.

Increases in unemployment - which economists note is a lagging indicator of economic health - will lead to more homes being lost, Celia Chen of Moody's Economy.com told Reuters recently.

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