US homes lost to foreclosure rise 25% in August

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_{US homes lost to foreclosure rise 25% in August}

13:36, September 16, 2010

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American bankers and housing financing organizations took back more homes in August than in any month since the start of the U.S. mortgage crisis in 2008, The Associated Press reported.

In all, lenders took back 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009.

August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.

The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac said Thursday.

Banks have been stepping up repossessions to clear out their bad loans with an eye on eventually placing the foreclosed properties on the market. Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.

The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year.

Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.

In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July.

Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.

Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out.

Agencies

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