US home repossessions spike in August to highest level since start of mortgage crisis
- fewer than one-third of homes repossessed by lenders are on the market
- 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.
- Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average. Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
- “It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away.