Accurate foreclosure statistics are difficult to collect. Individual states have varying policies regarding foreclosure reporting.

In many states, foreclosures are not reported to a central agency. Each county records the foreclosures and may or may not compile statistics on their foreclosure numbers. In the state of Georgia, foreclosure statistics are found by looking at the legal notices.

Even governmental agencies, including the Federal Reserve, obtain their foreclosure information from private companies. This is remarkable when one considers all the other arcane and mundane data that the government collects.

Companies that compile the data often inadvertently count a single foreclosure multiple times. If a house goes into foreclosure at the beginning of a quarter and is later auctioned at the end of the same quarter, two forecosures are reported: the default and the auction.

Two companies are the major providers of statistics. They are www.RealtyTrac.com and the Mortgage Bankers Association. The Mortgage Bankers Association charges non-members upwards of $250 for a report of mortgage statistics.

Although, the numbers may not be precise the trend is definitely upward. It's estimated that 1 in 5 subprime loans issued in the last couple years will go into default and that 2.2 million homeowners will lose their home in the next year or two.

RealtyTrac reports that one in every 557 U.S. households received a foreclosure filing during February 2008. Foreclosure filings increased a staggering 60% over the prior February.

In some states, of course, the numbers are far worse. In Nevada, for instance, one in every 165 households received a foreclosure filing, which is three times the national average. California was not far behind, with one in every 242 households.

P.S. On nearly every page I remind my readers to monitor their credit score. I do that because one of the most serious consequences of foreclosure is damaged credit. The first step to protect your credit is to review your credit report (you can get a free credit report here).