US sees sharp foreclosure increase

Property foreclosures in the US increased by 81 per cent during 2008, new figures have revealed.

Research by market specialist RealtyTrac found that there were over three million foreclosure filings across the country over the last 12 months, with 1.84 per cent of all US homes receiving at least one notice during the year.

Nevada saw the greatest number of foreclosures, with over seven per cent (77,693) of homes in the state falling under either bank repossessions, default and auction sale notices.

Chief executive of RealtyTrac James Saccacio noted that the introduction of programmes aimed at delaying foreclosures makes the figures "surprising".

"State legislation that slowed down the onset of new foreclosure activity … appears to have worn off by December," he explained.

The figures follow a recent report by the Association of Foreign Investors in Real Estate, which revealed that it members are planning to increase their activity in the country by 73 per cent during 2009.

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