Despite dipping four percent from a month earlier, foreclosure activity was up nearly 60 percent in February compared to the same period in 2007, according to RealtyTrac.
“The 4 percent monthly decrease this February was similar to the 6 percent monthly decrease we saw in February 2007,” said James J. Saccacio, chief executive officer of RealtyTrac, in a statement.
“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.”
During the month, foreclosure filings were reported on 223,651 properties nationwide, or one in every 557 U.S. households.
Once again, Nevada led the nation with the highest foreclosure rate at a clip of one in every 165 households, with foreclosure filings reported on 6,167 households, a one percent increase from January and 68 percent increase from February 2007.
California came in a distant second with one filing for every 242 households, followed by Florida with one in every 254 households.
Foreclosure activity in Arizona surged 210 percent from the same period a year ago, and six percent from one month earlier.
California led the nation in total foreclosure filings with 53,629 properties affected, down six percent from January but up 131 percent from February 2007.
Florida followed with foreclosure filings on 32,447 properties, a seven percent increase from a month earlier and 69 percent increase from a year ago.
In fact, nine of the top 10 metro foreclosure rates in February were contained in these two states alone, with Cape Coral-Fort Myers, FL and Stockton, CA taking the top two slots, respectively.
Interestingly, Texas was third in the nation in total filings with action on 12,261 properties, but the state saw a 17 percent decrease from a month earlier and a one percent decrease from a year ago.
However, 4,876 REOs were reported in Texas during the month, the second largest amount behind the 11,139 in California.