Foreclosure Activity Increases 6 Percent in February According to Realtytrac

IRVINE, Calif. – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its February 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 290,631 U.S. properties during the month, an increase of nearly 6 percent from the previous month and an increase of nearly 30 percent from February 2008. The report also shows one in every 440 U.S. housing units received a foreclosure filing in February.

“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well,” said James J. Saccacio, chief executive officer of RealtyTrac. “There were some notable exceptions to this: a 45-day voluntary moratorium in Florida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month; and many New York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state’s foreclosure activity increased 23 percent from the previous month.”

Nevada, Arizona, California post top state foreclosure rates

With one in every 70 housing units receiving a foreclosure filing in February, Nevada continued to document the nation’s top state foreclosure rate. Foreclosure filings were reported on 15,783 Nevada properties during the month, a 9 percent increase from the previous month and a 156 percent increase from February 2008.

Arizona posted the nation’s second highest state foreclosure rate in February, with one in every 147 housing units receiving a foreclosure filing during the month, and California posted the nation’s third highest state foreclosure rate, with one in every 165 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation’s 10 highest were Florida, Idaho, Michigan, Illinois, Georgia, Oregon and Ohio.

California, Florida, Arizona post highest foreclosure totals

Foreclosure filings were reported on 80,775 California properties in February, the most of any state and a 5 percent increase from the previous month. The state’s foreclosure activity increased 51 percent from February 2008, with auction sale notices increasing nearly 179 percent — the most of any category on a year-over-year basis.

Florida foreclosure activity increased nearly 14 percent from the previous month and 43 percent from February 2008 — thanks in large part to a nearly 158 percent year-over-year increase in auction sale notices and a 128 percent year-over-year increase in bank repossessions. With 46,391 properties receiving a foreclosure filing, the state posted the nation’s second highest state total in February.

Arizona posted the third highest state total in February, with 18,119 properties receiving a foreclosure filing during the month — a 23 percent increase from the previous month and an 88 percent increase from February 2008.

Nevada, Illinois, Michigan, Ohio, Texas, Georgia and Virginia also reported foreclosure totals that were among the nation’s 10 highest.

Sunbelt cities post top metro foreclosure rates

One in every 60 Las Vegas housing units received a foreclosure filing in February, giving the city the nation’s highest foreclosure rate among metro areas with a population of at least 200,000. The city’s foreclosure rate was more than seven times higher than the national average. Another Nevada metro area posted a foreclosure rate in the top 10: Reno-Sparks ranked No. 8, with one in every 108 housing units receiving a foreclosure filing.

The Cape Coral-Fort Myers, Fla., metro area documented the second highest foreclosure rate in February, with one in every 65 housing units receiving a foreclosure filing during the month.

Six California cities registered foreclosure rates among the top 10: Stockton at No. 3 (one in 67 housing units), Modesto at No. 4 (one in 68), Merced at No. 5 (one in 74), Riverside-San Bernardino at No. 6 (one in 80), Bakersfield at No. 7 (one in 85), and Vallejo-Fairfield at No. 10 (one in 111).

With one in every 110 housing units receiving a foreclosure filing, the Phoenix metro area posted the ninth highest foreclosure rate in February.

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month or quarter. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.