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Nevada City Tops List With Highest Foreclosure Rate

Photo Courtesy - ABC News(NEW YORK) -- Fernley, Nevada, a city that lies 32 miles east of Reno, has the nation's highest foreclosure rate through August.  Although the recession has wreaked havoc on numerous local economies, Fernley has been hit the hardest. The city has seen more than 3,500 foreclosure filings over a 12-month period among its 17,900 housing units, according to Realty Trac, an online service that collects and aggregates foreclosure data.

According to Realty Trac, August was the toughest month for homeowners, as lenders swooped in and seized more than 95,000 homes across the U.S.  The foreclosure rate is up 25 percent since August 2009.  Efforts by the government to stem the tide of foreclosures have had mixed success. The Obama administration's main anti-foreclosure program touched a 10-month low in August with 33,000 homeowners receiving assistance. The president said in 2009 that as many as four million homeowners would be helped and about 449,000 have thus far received assistance to avoid foreclosure.

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