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Despite February Dip Foreclosures Are Rising.
Irvine, CA -- RealtyTrac's monthly update on foreclosure activity found that 130,786 borrowers faced default notices, auction sale notices and bank repossessions in February, down 4% from the January total. (See table, page 26.)
But a glance at the overall picture shows that the good news isn't all that good. While foreclosure filings were down on a month-to-month basis, the February filing number was up 12% from one year earlier.
And RealtyTrac says that if the rates from the first two months of 2007 persist through the year, foreclosure filings for this year will exceed last year's total by 33%.
"It appears that as subprime and FHA loans default at higher-than-anticipated rates, and lenders tighten their underwriting standards, we're going to continue to see a spike in the number of homeowners facing foreclosure," said James Sacaccio, CEO of RealtyTrac, in a news release.
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Source: HighBeam Research, Despite February Dip Foreclosures Are Rising.