US foreclosures up again

Foreclosure numbers are continuing to rise again in the US, property research firm RealtyTrac has said.

Data from the company has shown that the level of activity rose by seven per cent in July, suggesting that the supply of homes that bargain hunting investors could pick up cheaply is continuing to increase.

The states of Nevada, California and Arizona were the three worst-affected, with respective filing rates of one in 56, one in 123 and one in 135 homes being affected in the month.

Florida came second to California in the total number of foreclosure filings, with the latter seeing 108,104 and Florida 56,486.

Las Vegas topped the rates for metropolitan areas at one in 47 homes, while seven of the top ten were in California and Cape Coral-Fort Myers was also included.

However, the overall US property market is now near the bottom and offers a good investment prospect, it was recently argued.

The latest CBRE Investors Investment Research Quarterly said that the situation is "historically favourable" for buyers.

Like this? Then share with your friends and colleagues!