RealtyTrac : U.S. Foreclosure Activity Falls 9% In February

(RTTNews) - RealtyTrac, a source for comprehensive housing data, Thursday said foreclosure filings were reported on 101,938 U.S. properties in February, a decrease of 4 percent from the revised January numbers and down 9 percent from a year ago to the lowest level since July 2006.

Releasing its U.S. Foreclosure Market Report for February, the market researcher said the report also shows a U.S. foreclosure rate of one in every 1,295 housing units with a foreclosure filing in February. Foreclosure filings include default notices, scheduled auctions and bank repossessions.

Daren Blomquist, vice president at RealtyTrac, said, "Given that August 2006 was the peak of the housing bubble, this eight-and-a-half year low in foreclosure activity is a significant milestone and a sign that nationwide foreclosure activity is on track to return to historic norms this year -- and is possibly even headed below historic norms given the skinny-jeans-tight lending standards over the past five years."