RealtyTrac report: Foreclosure activity decreases four percent in FebruaryMortgagePress.comdefault notices, auction sale notices, bank repossessions
Foreclosure activity up nearly 60 percent from February
2007
RealtyTrac, an online
marketplace for foreclosure properties, released its February 2008
U.S. Foreclosure Market Report, which shows foreclosure filings,
such as default notices, auction sale notices and bank
repossessions, were reported on 223,651 properties nationwide
during the month. This is a four percent decrease from the previous
month, but still nearly a 60 percent increase from February 2007.
The report also shows one in every 557 U.S. households received a
foreclosure filing during the month.
"The four percent monthly decrease this February was similar to
the six percent monthly decrease we saw in February 2007," said
James J. Saccacio, chief executive officer of RealtyTrac. "However,
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."
Nevada, California, Florida post top state foreclosure
rates
Nevada continued to document the highest foreclosure rate among the
states, with one in every 165 households receiving a foreclosure
filing—more than three times the national average.
Foreclosure filings were reported on a total of 6,167 Nevada
properties during the month, up one percent from the previous month
and up 68 percent from February 2007.
California registered the nation's second highest state
foreclosure rate in February, with one in every 242 households
receiving a foreclosure filing during the month, and Florida
registered the nation's third highest February foreclosure rate,
with one in every 254 households receiving a foreclosure filing
during the month. Both states documented foreclosure rates that
were more than twice the national average.
Arizona foreclosure activity was up six percent from the previous
month and nearly 210 percent from February 2007, helping the
state's February foreclosure rate—one in every 264 households
received a foreclosure filing during the month—rank fourth
highest in the nation.
With one in every 305 households receiving a foreclosure filing in
February, Colorado's foreclosure rate ranked fifth highest among
the states, despite a one percent decrease in foreclosure activity
from the previous month. The state's foreclosure activity was still
up nearly 27 percent from February 2007.
Other states with foreclosure rates among the nation's 10 highest
were Michigan, Ohio, Georgia, Indiana and Tennessee.
California, Florida, Texas report highest foreclosure
totals
Foreclosure filings were reported on a total of 53,629 California
properties in February, the most of any state, despite a six
percent decrease from the previous month. The state's foreclosure
activity was still up 131 percent from February 2007.
With foreclosure filings reported on a total of 32,447 properties,
Florida documented the second highest state total in February. The
state's foreclosure activity was up more than seven percent from
the previous month and more than 69 percent from February
2007.
Texas documented the third highest state total, 12,261 properties
with foreclosure filings, despite a nearly 17 percent decrease in
foreclosure activity from the previous month and a one percent
decrease in foreclosure activity from February 2007. With one in
every 736 households receiving a foreclosure filing during the
month, the state's foreclosure rate ranked number 17 among the
states and was below the national average.
Michigan and Ohio both reported more than 10,000 properties with
foreclosure filings in February. Other states in the top 10 in
terms of total properties with foreclosure filings reported were
Arizona, Illinois, Georgia, Colorado and Nevada.
California and Florida cities dominate top metro
foreclosure rates
California and Florida metro areas accounted for nine of the top 10
metro foreclosure rates in February. The Cape Coral-Fort Myers,
Fla. metro area documented the highest February foreclosure rate
among the 229 metro areas tracked in the report, with one in every
84 households receiving a foreclosure filing, which is 6.7 times
the national average. The other Florida metro area in the top 10
was Fort Lauderdale, which ranked number 10.
The Stockton, Calif. metro area documented the second highest
metro foreclosure rate, with one in every 87 households receiving a
foreclosure filing in February. Other California metro areas in the
top 10 were Modesto, Calif. at number three; Merced, Calif. at
number four; Riverside-San Bernardino, Calif. at number five;
Bakersfield, Calif. at number seven; Vallejo-Fairfield, Calif. at
number eight; and Sacramento, Calif. at number nine.
Las Vegas was the only metro area in the top 10 that was not in
California or Florida. With one in every 131 households receiving a
foreclosure filing in February, the city's foreclosure rate ranked
number six.
For more information, visit www.realtytrac.com.
