PLANO, Texas -- Taking note of the continuing surge in U.S. foreclosures, Southwest Corporate Federal Credit Union Thursday pointed to adjustable-rate mortgages and subprime loans as contributing to high levels of foreclosures in Nevada, California and Arizona.

The ARMs/subprime issue is really "no surprise," said a special e-mailed newsletter distributed by Southwest Corporate Investment Services, a subsidiary consulting firm which quoted new national data showing home foreclosures rose 53% in June.

Aside from the spike in foreclosures, "actual repossessions almost tripled according to RealtyTrac," said the Southwest newsletter which pulled data from the Irvine, Calif. firm which closely follows real estate trends.

"RealtyTrac has data which we sometimes find of timely interest to credit unions," explained Brian Turner, director of advisory services for Southwest Corporate Investment. The Southwest Corporate newsletter also noted that, according to RealtyTrac "more than 252,000 properties, or one in every 501 U.S. households, were in some stage of foreclosure."

Moreover, added the publication, "Credit Suisse estimates that about 53 percent of borrowers with subprime loans will have negative equity in their homes by the end of the year, and the number will rise to 63 percent in 2009."