More Americans face losing homes

Las Vegas has seen some of the biggest falls in home prices

A surge in the number of Americans at risk of losing their homes means 1% of all households are in some stage of the foreclosure process, a report says.

There were 2.2m foreclosure filings in the US last year, up 75%, according to the market research firm, RealtyTrac.

Foreclosure is the legal process taken by mortgage companies when homeowners fail to keep up their loan repayments.

Separately, a Standard & Poor's said home prices fell 7.7% in the year to the September to November quarter.

That report refers to sales completed during the quarter, but agreed in August, explained Graham Cox, independent financial economist with Capital Connection.

"From the end of August, it's got a lot worse," he said, estimating that prices declined at a much more rapid rate towards the end of the year.

Leaving Las Vegas

The index measured the prices of family homes in 20 cities.

Miami recorded the biggest decline, down 15.1%, followed by San Diego and Las Vegas.

Only three cities, Charlotte, Portland and Seattle, were higher over the year to November.

The index is considered a strong guide to the US housing market as it tracks the price change in the same properties over a period of time.