Record blowing stats have just come in from RealtyTrac, a mega giant online database which provides information on over 1 million foreclosure and bank owned-properties to affiliates such as Yahoo, MSN, and Wall Street. Their latest August 2007 report on the U.S. Foreclosure Market shows that the number of foreclosure filings (which can include auction sale, default, and bank procession notices) have gone up 115% from August of 2006, and 35% from July 2006. The total for Aug. 2007 was 243,947, which is the largest amount ever reported in any given month. It shows that on average there is one foreclosure filing per 510 households for the month in question.

RealtyTrac´s chief executive feels that, ¨The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity¨ as many sub prime adjustable rate loans will soon be submitted. Sub prime loans (also known as teaser rates) are loans given to those with certain credit difficulties. Sub prime loans have rates that can and are often adjusted, raising finance charges at times even over the prime rate. It is, in fact, not uncommon for monthly payments to be made double after 2 or 3 years from the issuance of the loan.

The states that are having the worst reported foreclosure amount so far (when you take into account the amount of homes owned/population of each state) are in first place Nevada, with the extra high amount of 1 filing per 165 homes, second California with 1 per 224, and Florida in third with 1 per 243.

It is predicted that these high numbers will only continue to grow as 2 more sub prime rate resets are predicted for next year and at the start of 2009.