RealtyTrac, a leading online marketplace for foreclosure properties, released its February 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 308,524 U.S. properties during the month, a decrease of 2% from the previous month but still 6% above the level reported in February 2009. The report also shows one in every 418 U.S. housing units received a foreclosure filing in February.
“The 6% year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, 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.
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