Foreclosures Down in February
Get widgets
Print
Facebook
RSS- By:
- Kirk Haverkamp | March 11, 2010
U.S. foreclosure filings fell 2 percent in February, but still remain 6 percent over their rate of one year before, according to new data released today by RealtyTrac.
The annual increase is the smallest reported since the company started tracking annual data in January 2006. However, that does not necessarily mean the foreclosure crisis is ebbing, according to Realty Trac CEO James Saccacio.
“This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure,” Saccacio said, “But rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity — albeit at a historically high level that will likely continue for an extended period.”
Severe winter weather may have also delayed foreclosures in the Northeast and Mid-Atlantic regions, Saccacio said.
Foreclosure actions – including default notices, scheduled auctions and bank repossessions – were reported on 308,524 U.S. properties in February, a rate equal to one of every 418 homes. Actual bank repossessions declined 10 percent from January’s level, though the 78,683 reported represented a 6 percent increase from February 2009.
Defaults were up 3 percent from January, to 106,208, and representing a 3 percent annual decline from February 2009. Scheduled auction were down 1 percent from January, but the 123,633 properties affected represent an 16 percent annual increase from the year before.
Nevada improves, but still leads nation
Nevada posted the nation’s highest foreclosure rate for the 38th consecutive month, despite posting decreases of 7 percent from January and 30 percent from February 2009. One Nevada home in 102 was subject to a foreclosure action in February, four times the U.S. average.
Arizona posted a 21 percent decline in foreclosures from the previous month, but still was essentially tied with Florida for the nation’s second highest rate, at one foreclosure action per 163 homes. California and Michigan continued to round out the top five, followed by Utah, Idaho, Illinois, Georgia and Maryland.
In absolute terms, six states – California, Florida, Michigan, Illinois, Arizona and Texas - accounted for more than three-fifths of all foreclosure actions nationwide. California had the largest number, with 68,562 properties subject to foreclosures, down 5 percent from January. Florida and Michigan both posted sharp monthly increases, with foreclosure actions up 15 percent and 14 percent, respectively. Michigan’s 20,028 total represents a 59 percent increase from one year before.
Call For Rates
800-419-1494
Speak to a lender now.
We will match calls to our toll free number with our network of lenders.Debt Consolidation
National Rates
| Loan Type | Today | +/- |
|---|---|---|
| 30 yr fixed | 3.80 | |
| 15 yr fixed | 3.10 | |
| 5/1 ARM | 2.73 |
Rates may contain points
Browse Mortgage Rates
Featured Guides
Browse our comprehensive guides to popular topics related to mortgage and personal finance.