The number of home foreclosures filed by US homeowners was up sharply in the second quarter of 2008, indicating the housing downturn that is acting as a drag on the entire US economy has not yet hit bottom.

The US saw 739,714 foreclosures in the second quarter, up 13.8 pct compared to the first quarter of 2008, California-based RealtyTrac said in a report released today. Foreclosures are up a 121 pct compared to the same quarter in 2007.

Similar to recent surveys done by RealtyTrac, Nevada, California and Arizona saw the highest foreclosure rates in the second quarter.

California saw the largest number of foreclosures in the quarter, at just over 200,000, while Florida was next with 109,000. Of the 20 top metro areas with the highest foreclosure rates, 16 are in either California or Florida.

RealtyTrac CEO James Saccacio said that while a few states are accounting for much of the rise in foreclosures, homeowner stress can be seen all around the country.

“Most areas of the country are seeing at least some increase in foreclosure activity,” he said. “Forty-eight of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.”

Source: http://www.afxnews.com

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