Presstv | The number of US homes lost to foreclosure soared in July as the housing industry estimates that lenders will seize more than a million US households this year.

Lenders repossessed 92,858 properties last month, AP reports, up 9 percent from June and an increase of 6 percent from July 2009, foreclosure listing firm RealtyTrac Inc. said Thursday.

US Banks have stepped up repossession of homes this year to clear out the backlog of bad loans. July marks the eighth month in a row that the annual rate of homes lost to foreclosure has increased.

The latest figures reveal a foreclosure crisis that continues to persist as many homeowners struggle to make their monthly mortgage payments amid high unemployment, slow job growth and an uneven rebound in home prices.

Economic problems, such as unemployment or reduced income, are now the main catalysts for foreclosures. Initially, lax lending standards were the culprit. However, homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures.

The Obama administration has made numerous attempts to deal with the foreclosure crisis but has made only a small dent in the problem.

More than 40 percent, or about 530,000 homeowners, have fallen out of the administration's main effort to assist those facing foreclosure.

The top 10 states with the highest foreclosure rates last month were identified as Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia and Maryland.