August foreclosures hit another record high

There were 304,000 homes in some stage of default last month, and 91,000 families lost their homes.

By Les Christie, CNNMoney.com staff writer
Last Updated: September 12, 2008: 9:51 AM EDT

NEW YORK (CNNMoney.com) -- 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.