Foreclosures in February dipped 4% from the previous month to 223,651 properties according to RealtyTrac. That figure was 60% higher than February, 2007, levels.
“The 4% monthly decrease this February was similar to the 6% monthly decrease we saw in February, 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the year-over-year increase of 60% this February was significantly higher than the 19% year-over-year increase in February, 2007, indicating we have still not reached the peak of foreclosure activity in this cycle.”
Nevada, California, Florida and Arizona led the nation in the rate of foreclosures.