Foreclosures up in the US, survey shows

The foreclosure rate in the USA has risen again, despite a number of measures being put in place to lower the tally of repossessions.

Property research firm RealtyTrac revealed that there were 290,631 repossession notices in February, six per cent more than January's figure and up 30 per cent in a year.

Chief executive of the firm James Saccacio described the findings of the latest survey "somewhat surprising", remarking that many efforts to prevent foreclosures or place moratoriums on such actions in January were still being applied last month.

Those keen to buy US property may find that an increase in foreclosed homes means more opportunities to buy bargains.

Evidence has emerged that some overseas buyers are increasingly keen on investing in certain parts of the US, the International Herald Tribune reports.

The paper noted that Warsaw-based property agency translation service Immobel has found Chinese language searches to be the most prominent for southern California over the first two months of 2009.

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