Lenders repossessed nearly 5,800 homes nationwide in August, up 42% from a year earlier, and Florida had the third-highest foreclosure rate in the country. Housing experts say the headline number needs context.

Foreclosure activity overall rose less sharply. More than 40,000 U.S. properties filed for foreclosure in August, up 13% from a year earlier. South Carolina posted the highest rate, with one filing for every 1,547 housing units, followed by Nevada, Florida, Texas, and Maryland. Among larger metro areas, Punta Gorda, Florida, had the second-highest rate behind Columbia, South Carolina. Texas led in raw numbers, with more than 1,800 completed foreclosures.

Jenna Stauffer, a Sotheby’s International Realty broker and market analyst, said the 42% figure sounds alarming, but it follows extremely low foreclosure levels.

The Mortgage Bankers Association reports 4.37% of residential mortgages were delinquent at the end of the second quarter, while just 0.67% were in foreclosure. The rate of seriously delinquent loans, those 90 or more days past due or in foreclosure, has been rising.

Ben Cohen, a senior vice president of mortgage lending at Rate, said today’s market is not 2008, citing much stricter lending standards and the substantial equity many homeowners hold. That cushion is thinner for recent buyers, Stauffer said, particularly those who bought near the market’s peak. They are also absorbing insurance, property taxes, and higher everyday expenses, a squeeze many Florida homeowners know well.

Cohen advises anyone worried about a payment to act early and contact the mortgage servicer before missed payments pile up. Experts say the trend bears watching, especially in higher-rate states, but conditions remain far from the 2008 crisis.

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