Foreclosure Notices Down Sharply in February

Irvine, CA, March 10, 2011 -- Foreclosure notices declined to a 36-month low in February, according to tracking firm RealtyTrac.

A total of 255,101 properties received at least one of the notices in February, down 14% from January and 27% versus the same month last year.

The company tracks notices for defaults, scheduled home auctions and home repossessions.

Most of the decline was due to lenders taking a more deliberate approach to their foreclosure processes since the industry came under fire last year.

However, RealtyTrac vice president Rick Sharga said the slowdown isn't likely to decrease the overall number of foreclosures in the long run.

Roughly 5 million borrowers are at least two months behind on their mortgages.