The amount of repossessed homes in the month of August this year was higher than any month prior since the beginning of the US mortgage crisis, according to RealtyTrac Inc.

Over 95,000 homes were repossessed in August, up 3% in a monthly comparison and 25% in a yearly comparison. This marks the ninth month in a row that the amount of foreclosures has shown an incline.
According to Rick Sharga, Senior VP at RealtyTrac, These properties are going to come to market, but very slowly because nobody wants to overwhelm a soft buyers market with too much distressed inventory for fear of what it would do for house prices.

Since the expiration of the Homebuyers Tax Credit in April, home sales have fallen, unemployment continues to rise and the economy is faltering, these facts have sparked concern among economists for the real estate market.

Nevada came in at number one in the top ten states with the highest foreclosure rate, with 1 out of 84 homes falling into foreclosure. The rest of the states in order are: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.

Despite the many programs being offered by lenders to help homeowners in distress, nearly half of the homeowners that have enrolled in the mortgage modification programs have fallen out.