Foreclosure Starts Rise, Repossessions Plunge
Irvine, CA, March 14, 2013 -- Foreclosure starts increased in February although repossessions plunged 29% from a year earlier to the lowest level since 2007, according to tracking firm RealtyTrac.
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Foreclosures were started on 71,488 homes in February, up 10% from January, though that was still down nearly 25% from a year ago.
Banks seized 45,038 homes in the month, down more than 10%.
"Foreclosures have been contained as a threat to the housing market but there's still hot spots in the foreclosure market in different states that need to be stamped out," said Daren Blomquist, vice president at RealtyTrac, in a press release.