More US homeowners are running into problems with their mortgage repayments.

Latest figures from RealtyTrac, which sells repossessed properties online, suggest there was a 13 per cent increase in foreclosures between January and February. The 117,259 total was 68 per cent up on a year ago.

‘This is the third straight month the US foreclosure rate has moved higher, and it’s the second straight month new foreclosures have topped 100,000’, said RealtyTrac chief executive James Saccacio. ‘However, several states, including California, Florida, Texas and New York, reported a dip in foreclosures in February. We’ll see if the rest of the country follows that trend in March’.

Georgia reported 9,421 properties entering some stage of foreclosure in February, at one per 329 properties the highest rate of foreclosures of any state for the second month in a row and getting worse – the figure was 28 per cent up on the month and more than twice the number of new foreclosures reported in February 2005.

Foreclosure rates in Indiana and Colorado were among the nation’s five highest for the second month in a row. Indiana reported 5,909 properties entering some stage of foreclosure in February, a 34 percent increase from the previous month and nearly three times the number of new foreclosures reported in February 2005. Colorado reported 4,128 properties entering some stage of foreclosure, a 10 percent increase from the previous month and a 34 percent increase from February 2005. Both Indiana and Colorado documented foreclosure rates that were more than two times the national average.

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