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Sept. 10 (Bloomberg) -- Foreclosure filings in the U.S. exceeded 300,000 for the sixth straight month as job losses that boosted the unemployment rate to a 26-year high left many homeowners unable to keep up with their mortgage payments.
A total of 358,471 properties received a default or auction notice or were seized last month, according to data provider RealtyTrac Inc. That’s up 18 percent from a year earlier, and down 0.5 percent from July, the Irvine, California-based company said in a statement. One in 357 households received a filing.
Nevada had the highest foreclosure rate in August, with one in every 62 households receiving a filing, even with an 8.4 percent decrease in foreclosures from July, RealtyTrac said. August filings were up 53 percent from a year earlier, with 17,902 Nevada properties receiving a foreclosure filing.
The second-highest foreclosure rate in August was recorded in Florida, with one in every 140 households receiving a filing, followed by California, where one in 144 households received a foreclosure filing.
A 9.6 percent month-to-month decrease in filings helped lower Arizona’s foreclosure rate to fourth-highest in August from third-highest in July, RealtyTrac said. One in every 150 Arizona households received a foreclosure filing last month, still more than twice the national average, the company said.
Forty-seven banks have begun 360,165 modifications through the U.S. government’s Making Home Affordable program, up from about 235,247 in July, the U.S. Treasury said in a report yesterday.
“When people live in a housing market that’s dropped 30 or 40 percent, and they lose their jobs, that’s a recipe for default,” Green said.
About 4.3 percent of U.S. homes, or one in 25 properties, were in foreclosure in the second quarter, the Washington-based Mortgage Bankers Association said last month. That’s the most in three decades of data, and loans overdue by at least 90 days, the point at which foreclosure proceedings typically begin, rose to 7.97 percent, the highest on record.
In the RealtyTrac survey, Michigan, Idaho, Utah, Colorado, Georgia and Illinois accounted for the other states with the top 10 highest rates of foreclosure filings. Six states accounted for 62 percent of the nation’s foreclosure filings.
New Jersey had the 11th highest rate with 8,316 filings, a 28 percent increase from a year earlier. Connecticut ranked 24th with 2,189 filings, a 22 percent increase. New York had the 39th highest rate with 5,350 filings, down 2.3 percent.
Las Vegas had the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 53 households received a notice in August, up 48 percent from a year earlier and down 11 percent from July. Also in Nevada, the Reno-Sparks area had the seventh-highest foreclosure rate, with one in 86 households receiving a filing, RealtyTrac said.