Nov. 1 (Bloomberg) -- U.S. home foreclosures doubled in the third quarter from a year earlier as subprime borrowers failed to make higher payments on adjustable-rate mortgages, RealtyTrac Inc. said.
There were 635,159 foreclosure filings in the quarter, or one for every 196 households, including default notices, auction notices and bank repossessions, RealtyTrac said today in a statement. Nevada, California and Florida had the top foreclosure rates, the research company said.
``Given the number of loans due to reset through the middle of 2008 and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets,'' Chief Executive Officer James Saccacio said in the statement.
Foreclosure filings in the third quarter increased 30 percent from the previous three months.
Interest rates will rise this month for borrowers holding $46.7 billion of U.S. mortgages, according to data compiled by Credit Suisse Group in New York. Subprime borrowers, who have poor or incomplete credit histories, account for $28.5 billion of those mortgages, Credit Suisse said.
