September 2007 foreclosure filings doubled over foreclosure filings in September 2006 - from 223,538 to 112,210, according to RealtyTrac. There was some good news though. The number of filings were less than August's record-breaking month of 243,947. But don't get too excited, according to Bloomberg's report this morning. Rick Shanga, executive vice president of marketing at RealtyTrac, told the news service that, "This wave ends in December and another wave starts in May."

Basically what's happening is that as people's teaser rate mortgages reset with payments 50% to 100% higher than they were paying, they can no longer afford to pay the loan. In the past, people in this situation could sell their homes rather than let it go to foreclosure. But now that the real estate bubble has burst, they just can't find buyers for their homes.

By December, most of the resets for people who took their loans in 2005 will wind down and we'll see foreclosures subside, but it's not over yet.

Unfortunately for the folks who took these teaser rate and other types of risky mortgage loans, the worst is not over yet . The number of people who lose their homes will keep increasing. Right now the rate is one in every 557 households nationwide. Nevada has the highest rate -- one in every 185 households. The situation will not improve until the real estate market turns around and people can sell their homes rather than let them go to foreclosure if they can't afford to make the newly reset mortgage payment.

Some banks are easing the pain with 40 and 50-year mortgages, but those only help if your house is still worth more than your mortgage. Many of the people caught in this mortgage mess find that their home is worth less than the amount they owe and no one will lend them money.

Lita Epstein is the author of more than 20 books including, "The 250 Questions You Should Ask to Avoid Foreclosure."