US foreclosures reach new high

New figures released show that foreclosures in the US had reached record numbers at the end of 2009.

RealityTrac's end of year report shows that a total of just over 2.8 million foreclosure filings were reported over the course of the year, with the figures representing a 21 percentage point increase on 2008 and 120 per cent on 2007.

Such findings may suggest that those keen on buying a property in the US will still have plenty of chances to pick up a foreclosed bargain.

Florida, Nevada and Arizona were the states with the highest foreclosure levels.

Of these, Nevada was worst hit, with more than ten per cent of housing units receiving at least one foreclosure warning over the course of the year.

James Saccacio, chief executive officer of RealityTrac, said that if it were not for "legislative and industry related delays in processing delinquent loans", the numbers could have been much higher.

"Despite all the delays, foreclosure activity still hit a record high for our report in 2009, capped off by a substantial increase in December," Mr Saccacio continued.

The rise in foreclosures can be attributed to the economic climate and rising unemployment in the country.

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