Pace of Foreclosures Slowing, But Danger Not Over

Foreclosures Falling

Irvine, CA, March 11, 2010--The rate of U.S. foreclosures appears to be slowing.

RealtyTrac Inc. said Thursday that the number of households facing foreclosure in February grew 6 percent from the year-ago level, the smallest annual increase in four years.

More than 308,000 households, or one in every 418 homes, received a foreclosure-related notice, the foreclosure listings company reported. That was down more than 2 percent from January

"It's premature to declare victory just yet," said Rick Sharga, a RealtyTrac senior vice president for RealtyTrac.

"If this is the beginning of a slowdown in growth rates, that would be a good thing."

Banks repossessed nearly 79,000 homes last month, down 10 percent from January but still up 6 percent from February 2009.

A record 2.8 million households were threatened with foreclosure last year, RealtyTrac said, and the number is expected to rise to more than 3 million homes this year.

Economic woes, such as unemployment, are expected to be the main catalysts for foreclosures this year.


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