U.S. Home Defaults, Foreclosures Rise 60% in February

U.S. home foreclosure filings jumped 60 percent and bank seizures more than doubled in February as rates on adjustable mortgages rose and property owners were unable to sell or refinance amid falling prices.

More than 223,000 properties were in some stage of default, or 1 in every 557 U.S. households, Irvine, California-based RealtyTrac Inc., a seller of foreclosure data, said today in a statement. Nevada, California and Florida had the highest rates.

``This is continuing to worsen,'' Susan Wachter, professor of real estate at the University of Pennsylvania's Wharton School in Philadelphia, said in an interview. ``It tells us that we are not at a bottom.''

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- Posted: 2008-03-13 10:02:28

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