New foreclosure filings increased nearly 25 percent last month, according to the August 2006 U.S. Foreclosure Market Report released Wednesday by RealtyTrac. More than 115,000 U.S. properties entered some stage of foreclosure during the month, a jump of more than 20,000 from the previous month.



Foreclosure activity rose at an even faster pace in several states, including Florida, Colorado, Illinois and Louisiana.

This could be the beginning of a foreclosure tidal wave that many are predicting due to rising interest rates and a cooling housing market. But it also could be just a one-month spike in foreclosure activity that doesn't translate into a long-term upswing in foreclosures. What do you think?

View the full report.