Improved debt consolidation and money management to avoid falling into foreclosure on one’s home seems to be paying off slightly, as short term foreclosure figures improved in February while longer-term ones continued to struggle.
According to RealtyTrac, the number of foreclosure filings -which include default notices, scheduled auctions, and bank repossessions – hit 308,524 for February.
While the figure represented a 2 percent decline from January’s figures, it also was 6 percent higher than the one taken in February 2009.
"The 6 percent year-over-year increase we saw in February was the smallest annual increase weve 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, CEO 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."
The survey also found that the six states with the highest foreclosure rates accounted for more than 60 percent of the national rate. For the 30th straight month – and despite a 7 percent decline for the month – Nevada had the highest foreclosure rate yet again with one in every 163 housing units receiving a filling.