Banks are repossessing more homes across the country, but housing experts say the eye-catching increase needs some context.

Lenders repossessed nearly 5,800 homes in August, up 42% from a year earlier. But that doesn't mean overall foreclosure activity jumped by the same amount.

More than 40,000 U.S. properties had some type of foreclosure filing during the month, an increase of 13% from a year earlier.

Jenna Stauffer, a broker with Sothebys International Realty and a market analyst, said the numbers may initially sound more alarming than they are.

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That number, 42%, it sounds a little alarming, but I think we kind of have to put it into context, Stauffer said. Were coming off of extremely low foreclosure levels.

Where foreclosures are hitting hardest

Foreclosure activity varies considerably depending on where you live. South Carolina had the nations highest foreclosure rate in August, with one in every 1,547 housing units receiving a foreclosure filing. Nevada had the second-highest rate, followed by Florida, Texas and Maryland.

Among larger metro areas, Columbia, South Carolina, recorded the highest foreclosure rate, followed by Punta Gorda, Florida, and Spartanburg, South Carolina. Texas, meanwhile, led the country in the raw number of completed foreclosures, with more than 1,800 homes repossessed by lenders.

Signs some homeowners are struggling

There are other indications of financial pressure on homeowners. The Mortgage Bankers Association says 4.37% of residential mortgages were delinquent at the end of the second quarter. The share of loans actually in the foreclosure process, however, stood at just 0.67%.

The rate of seriously delinquent mortgages, which includes loans at least 90 days past due or in foreclosure, has also been rising.

Ben Cohen, managing director and senior vice president of mortgage lending at Rate, said today's market remains very different from the one leading up to the 2008 financial crisis.

What everybodys got to keep in mind, this isnt like 2008, Cohen said.

He points to much stricter lending standards as one key difference. Many homeowners also have substantial equity they can potentially fall back on. But that cushion isn't the same for everyone.

Stauffer said homeowners who purchased near the height of the market or within the past year or two may be more vulnerable because they haven't had as much time to build equity. Those homeowners are also dealing with other financial pressures, including insurance, property taxes and higher everyday expenses.

What to do if you're struggling

For homeowners worried about making an upcoming mortgage payment, Cohen says one of the most important things they can do is act early.

Be proactive, dont be reactive, Cohen said.

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He recommends contacting the company servicing the mortgage before missed payments begin piling up to find out what options may be available.

For now, experts say the rise in foreclosures is worth watching, particularly in states seeing higher rates of activity. But foreclosure levels and the lending environment remain far different from the conditions surrounding the 2008 housing crisis.