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Foreclosure News | Foreclosure Resources

February Foreclosures Fall

RealtyTrac reports filings on 223,651 properties

March 13, 2008

By MortgageDaily.com staff


Fewer days in the month of February helped bring the number properties with foreclosure filings down.

In February, foreclosure filings were made on 223,651 properties nationally, RealtyTrac reported today. Activity was 4.0 percent lower than January but 59.8 percent worse than a year earlier. The foreclosure rate was one filing for every 557 U.S. households.

The decline last month was in line with a 6 percent monthly decline in February 2007.

The Irvine, Calif.-based tracking service explained that foreclosure filings include default notices, auction sale notices and bank repossessions.

California saw the most properties with filings of any state, with foreclosures filed on 53,629 properties, according to the report. The foreclosure rate in the Golden State was one filing for every 242 households.

Florida followed, with 32,447 properties, then Texas, with 12,261 foreclosed properties, the data indicated. Michigan was next, at 10,957 properties with filings, then Ohio, with 10,386 foreclosed properties.

With just four properties with filings, Vermont had the lowest activity of any state, RealtyTrac said.

Nevada had the highest foreclosure rate, with one filing for every 165 households, followed by California, RealtyTrac reported. Florida was next, with one filing for ever 254 households, then Arizona, at one filing for every 264 households and Colorado, at one filing for every 305 households.

Vermont reportedly had the lowest foreclosure rate, at one filing for every 76,836 households. However, the state also had the biggest monthly increase -- 300 percent.

Among metropolitan areas, Cape Coral-Fort Myers, Fla., had the highest rate, at one filing for every 84 households, the report said. Stockton, Calif., was next with one in every 87 households having a foreclosure filing last month, followed by Las Vegas, at one filing for every 131 households.

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