U.S. foreclosures up 25% over year

U.S. foreclosures up 25% over year

Lenders repossessed more U.S. homes in August than in any month since the U.S. mortgage crisis began.
 
Banks reclaimed 95,364 properties last month, up three per cent from July and a 25 per cent rise from August 2009, said foreclosure listing firm RealtyTrac Inc.
 
August marks the ninth month in a row where pace of homes lost to foreclosure has increased annually. The previous high was this past May.
 
More than 2.3 million homes have been reclaimed by lenders since the recession began in December 2007, according to Realty Trac. The firm predicts more than 1 million American households will lose their homes to foreclosure this year.
 
The top 10 states with the highest foreclosure rate were Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.