American home foreclosures leap 93% in a year

That's funny. Not in a ha ha ha way, but I've heard nothing like this from US news sources. Why would anyone want to keep this a secret? Just asking.

Nevada is bearing the brunt of the crumbling US housing market, with about one in every 200 households filing for foreclosure, a survey showed yesterday.

RealtyTrac, an online marketplace for repossessed properties, showed US home foreclosures jumped 9% in July from June, and 93% on a year ago.

The number of default notices and bank repossessions totalled 179,599. Across the US, there is now a foreclosure of one in every 693 homes.

This is just the start. You can compare that one in every 693 benchmark as future reports come out.

This from RealtyTrac:

Nevada posted the nation's highest foreclosure rate, with one foreclosure filing for every 40 households during the first half of 2007. The state reported a total of 25,208 foreclosure filings on 14,687 properties, more than double the number of foreclosure filings reported in the previous six-month period and nearly triple the number reported in the first half of 2006. [emphasis mine]

Via Guardian Unlimited.