There’s more sobering economic news today. The foreclosure rate in Bay County now exceeds the national average.

The number of foreclosures was up 71% across the nation during the 3rd quarter of 2008, compared to the same quarter of 2007. But in Bay County, the numbers are even worse.

From July through September, there were 476 foreclosures filed. That’s a 90% increase from the third quarter in 2007.

Local foreclosures peaked in June at 175, and had improved for two months before returning to a near record level last month.

Realtytrac, which monitors the market, says nationally more than 766-thousand homes are in foreclosure this year, and that total could exceed 1-million by the end of the year.