Panic as desert state becomes ground zero for families losing homes as experts fear crisis could engulf the US

A dramatic increase in foreclosure filings is the latest bad news for the US housing market, with one state particularly hard hit.

In August there were a total of 35,697 properties in the US with foreclosure filings, according to a report by ATTOM.

This represents a 1 percent decrease from the previous month, but an 18 percent increase compared to 2924.

August was the sixth consecutive month of year-on-year increases in foreclosures and the third month straight with double-digit annual growth.

Nevada was worst affected last month, with a foreclosure filing for one in every 2,069 housing units.

Foreclosure is when a bank or lender takes back a home because the owner has fallen behind on their required mortgage payments.

The ongoing rise in both foreclosure starts and completions suggests that some homeowners may be experiencing added financial strain in the current high-cost and high-interest-rate environment, explained Rob Barber, CEO at ATTOM.

‘Foreclosures are harmful on both an individual and broader economic level. For homeowners, the process often results in the loss of their property, financial instability, and emotional distress,’ Barber told the Daily Mail.

‘At a market level, a sustained rise in foreclosures can signal deeper economic trouble, as homeowners’ ability to repay loans is closely tied to factors like employment, wages, and interest rates.’

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