Foreclosures Remain High Despite Rescue Efforts
RealtyTrac (realtytrac.com), the leading online marketplace for foreclosure properties, released its February 2009 U.S. Foreclosure Market Report” last week, 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 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 states foreclosure activity increased 23 percent from the previous month.
Nevada, Arizona, California post top state foreclosure rates
Arizona posted the nations 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 nations third highest state foreclosure rate, with one in every 165 housing units receiving a foreclosure filing.
Other states with foreclosure rates ranking among the nations 10 highest were Florida, Idaho, Michigan, Illinois, Georgia, Oregon and Ohio.
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