RealtyTrac: New Foreclosures Decline

RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that new foreclosure filings fell 4% in February but were still nearly 60% higher than the level recorded a year earlier. The company's U.S. Foreclosure Market Report indicates that 223,651 new foreclosure properties were added to the rolls in February. "The 4% monthly decrease this February was similar to the 6% monthly decrease we saw in February 2007," said James J. Saccacio, RealtyTrac's chief executive officer. "However, the year-over-year increase of 60% this February was significantly higher than the 19% year-over-year increase in February 2007, indicating that we have still not reached the peak of foreclosure activity in this cycle." The company said Nevada, California, and Florida once again recorded the highest foreclosure rates. RealtyTrac can be found online at http://www.realtytrac.com.