Foreclosures hit a record high

CNN reports:

Foreclosures hit another record high in August: 304,000 homes were in default and 91,000 families lost their houses.

More than 770,000 homes have been repossessed by lenders since August 2007, when the credit crunch took hold.

The report from RealtyTrac, an online marketer of foreclosures properties, is the latest in string of bad news for housing.

Foreclosure filings of all kinds, including notices of defaults, notices of auctions and bank repossessions, grew 12% in August over July, and 27% compared with August 2007.

Arizona preforeclosures also set another record in August, according to the Arizona Republic:

...notice of trustee sales, in metropolitan Phoenix hit a new high of 7,271 in August, according to the real-estate-data firm Information Market. Foreclosures in the Valley have been hovering around 4,000 for each of the past few months but are bound to climb if more struggling homeowners don't get help.

So much for seeing July's drop as the start of a trend.