Foreclosures Decline in February

Foreclosures Decline in February

Foreclosure filings nationwide decreased 4 percent in February from the previous month, but they were nearly 60 percent higher than in February 2007, according to the latest report from RealtyTrac, an online marketer of foreclosure properties. One in every 557 U.S. households received a foreclosure filing last month — including default notices, auction sale notices and bank repossessions — on a total of 223,651 properties.

Nevada, California and Florida posted the highest state foreclosure rates, while Vermont, West Virginia and North Dakota posted the lowest rates. Metro areas in California and Florida accounted for nine of the top ten metro foreclosure rates. Las Vegas ranked sixth.

“The year-over-year increase of 60 percent this February was significantly higher than the 19 percent year-over-year increase in February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle,” said James J. Saccacio, chief executive officer of RealtyTrac.

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