Foreclosures up 53% in August

"In August, 115,292 properties entered into foreclosure, according to RealtyTrac, an online marketplace for foreclosure sales. That was 24 percent above the level in July and 53 percent higher than a year earlier." (More)

Much of the spike in foreclosures is being driven by ARM loans. While California, Nevada and Florida have spiked the most recently, the hardest hit areas could end up being in the Midwest where slumping job markets could make rising mortgage payments more difficult to manage.