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Foreclosures Soar

207,703 February pre-foreclosure filings

March 11, 2009

By MortgageDaily.com staff


Last month, foreclosure activity soared to the highest level since the credit crisis began.

Pre-foreclosures filings were 207,703 during February, ForeclosureS.com reported today. Filings soared from 166,860 in January "to the highest monthly total since the foreclosure crisis began."

So far this year, 374,563 pre-foreclosures have been filed nationally. The year-to-date foreclosure rate is five filings per every 1,000 households.

Florida led in pre-foreclosures, with 53,173 filed during February. No. 2 was California, where 44,713 filings occurred, followed by Arizona, with 16,453 pre-foreclosures, and Illinois, at 10,725 filings. The fifth worst state was Nevada, which had 9,738 filings during February.

Completed foreclosures on U.S. properties reached 121,756 during February -- also the highest level since the start of the crisis, ForeclosureS.com said. Repossessions rose from 72,694 in January.

February real estate owned activity surpassed September 2008's record REO filings of 104,243. ForeclosureS.com revised September figures down from 108,000, as originally reported.

Year-to-date, 194,450 foreclosures have been completed on U.S. properties.

California saw more February REOs than any other state: 23.988. Next was Florida, which had 14,243 repossessions, then Arizona, at 10,651, and Michigan, with 8,869 REOs. No. 5 was Texas, where 7,998 foreclosures were completed.

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