Posted: Sep 16, 2010 6:23 AM by Bea Karnes, News First 5
Updated: Sep 16, 2010 6:24 AM
New foreclosure data shows lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis three years ago.
Foreclosure listing service RealtyTrac Inc. says 95,364 homes were repossessed by lenders last month. That's an increase of 25 percent from the same month last year and up 3 percent from July's tally.
The previous high was in May. Meanwhile, the number of properties entering the foreclosure process slowed for the seventh month in a row. That's because lenders are letting borrowers who have missed payments stay in their homes longer so they can delay adding to their backlog of bad loans.
In all, one in 381 U.S. homes received a foreclosure-related warning in August.