Foreclosure filings, bank repossessions and similar actions increased 5.9% last month and were up 29.9% over February 2008, according to a report released today by RealtyTrac, an online seller of foreclosed properties.
There were actions taken on 290,631 properties during February and one in every 440 housing units received a foreclosure filings.
Nevada had the highest rate, with one in 70 housing units receiving foreclosure notices. The next highest were Arizona, which had a rate of one in 147 and California with one in 165.
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The highest number of foreclosures occurred in California (80,775), Florida (46,391) and Arizona (18,119).
The top five metropolitan areas in terms of foreclosures were: Las Vegas (one in 60); Cape Coral/Ft, Myers, Fla.(one in 65); Stockton, Ca. (one in 67); Modesto, Ca. (one in 68); and Merced, Ca. (one in 74).
RealtyTrac CEO James Saccacio said in a statement that he was surprised by the increase, in light of the large number of states with moratoria on foreclosures.
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