Foreclosure Activity Down 4%, Despite 9% Rise in REOs

Irvine, CA, May 21, 2015—RealtyTrac released its U.S. Foreclosure Market Report for February, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 101,938 U.S. properties in February, a decrease of 4% from revised January numbers and down 9% from a year ago to the lowest level since July 2006.

The report also shows a U.S. foreclosure rate of one in every 1,295 housing units with a foreclosure filing in February.

Despite the national decrease from a year ago, 24 states posted a year-over-year increase in overall foreclosure activity, including Massachusetts (up 53%) and New York (up 19%).

Nationwide, 48,079 properties started the foreclosure process for the first time in February, down 5% from revised January numbers and down 7% from a year ago.

Despite the national decrease in foreclosure starts, 22 states posted year-over-year increases in foreclosure starts, including Nevada (up 153%), Massachusetts (up 116%), and Texas (up 5%).

Nationwide, 45,880 properties were scheduled for a future foreclosure auction in February, down 13% from revised January numbers and down 4% from a year ago to the lowest level since July 2006.

Across the U.S., 24,305 properties were repossessed by lenders via foreclosure (REO) in February, up 9% from revised January numbers but down 20% from a year ago. February was the 27th consecutive month where REOs nationwide decreased on an annual basis.

Despite the national decrease in REOs compared to a year ago, 15 states posted year-over-year increases in REOs, including Maryland (up 70%), New York (up 24%), Ohio (up 23%), and North Carolina (up 18%).