Almost a million foreclosures were filed during the first half of this year; a rise of 56 percent compared to the same period last year. Sub prime borrowers accounted for 58 percent of those foreclosures. This is only the beginning. In the coming months, a wave of adjustable rate mortgages will reset at significantly higher interest rates, and the foreclosure rate is going to explode. With this impending flood of foreclosures, the US housing market will seize up.

Where are the foreclosure epicentres? Nevada had the highest foreclosure rate in June. It had a shocking one filing for every 175 households, more than four times the national average of one per 704. Sunny California had the second-highest rate, with one filing per 315 households. It also took the price for the most filings overall - 38,801. In fact, the Golden state has taken that dubious title for sixth months in a row.

Colorado had the third-highest rate with one foreclosure per 317 households. Florida was fourth with one per 347, followed by Arizona with one per 383, Ohio with one per 403 and Michigan with one per 420.

When will it end? No time soon, that is for sure.