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Foreclosure Activity Increases 6 Percent in February According to RealtyTrac(R) U.S. Foreclosure Market Report

Up 30 Percent From February 2008 Despite Foreclosure Moratoria

IRVINE, Calif., March 11 /PRNewswire/ -- RealtyTrac(R) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its February 2009 U.S. Foreclosure Market Report(TM), which shows foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 290,631 U.S. properties during the month, an increase of nearly 6 percent from the previous month and an increase of nearly 30 percent from February 2008. The report also shows one in every 440 U.S. housing units received a foreclosure filing in February.

"The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well," said James J. Saccacio, chief executive officer of RealtyTrac. "There were some notable exceptions to this: a 45-day voluntary moratorium inFlorida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month; and manyNew York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state's foreclosure activity increased 23 percent from the previous month."

Nevada,Arizona, California post top state foreclosure rates

With one in every 70 housing units receiving a foreclosure filing in February,Nevada continued to document the nation's top state foreclosure rate. Foreclosure filings were reported on 15,783Nevada properties during the month, a 9 percent increase from the previous month and a 156 percent increase from February 2008.

Arizona posted the nation's second highest state foreclosure rate in February, with one in every 147 housing units receiving a foreclosure filing during the month, andCalifornia posted the nation's third highest state foreclosure rate, with one in every 165 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation's 10 highest wereFlorida,Idaho,Michigan,Illinois,Georgia,Oregon andOhio.

California,Florida, Arizona post highest foreclosure totals

Foreclosure filings were reported on 80,775California properties in February, the most of any state and a 5 percent increase from the previous month. The state's foreclosure activity increased 51 percent from February 2008, with auction sale notices increasing nearly 179 percent - the most of any category on a year-over-year basis.

Florida foreclosure activity increased nearly 14 percent from the previous month and 43 percent from February 2008 - thanks in large part to a nearly 158 percent year-over-year increase in auction sale notices and a 128 percent year-over-year increase in bank repossessions. With 46,391 properties receiving a foreclosure filing, the state posted the nation's second highest state total in February.

Arizona posted the third highest state total in February, with 18,119 properties receiving a foreclosure filing during the month - a 23 percent increase from the previous month and an 88 percent increase from February 2008.

Nevada,Illinois,Michigan,Ohio,Texas,Georgia andVirginia also reported foreclosure totals that were among the nation's 10 highest.

Sunbelt cities post top metro foreclosure rates

One in every 60 Las Vegas housing units received a foreclosure filing in February, giving the city the nation's highest foreclosure rate among metro areas with a population of at least 200,000. The city's foreclosure rate was more than seven times higher than the national average. AnotherNevada metro area posted a foreclosure rate in the top 10:Reno-Sparks ranked No. 8, with one in every 108 housing units receiving a foreclosure filing.

TheCape Coral-Fort Myers, Fla., metro area documented the second highest foreclosure rate in February, with one in every 65 housing units receiving a foreclosure filing during the month.

SixCalifornia cities registered foreclosure rates among the top 10:Stockton at No. 3 (one in 67 housing units),Modesto at No. 4 (one in 68),Merced at No. 5 (one in 74),Riverside-San Bernardino at No. 6 (one in 80),Bakersfield at No. 7 (one in 85), andVallejo-Fairfield at No. 10 (one in 111).

With one in every 110 housing units receiving a foreclosure filing, thePhoenix metro area posted the ninth highest foreclosure rate in February.

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month - broken out by type of filing at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default - Notice of Default (NOD) and Lis Pendens (LIS); Auction - Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month or quarter. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

               U.S. Foreclosure Market Data by State - Feb 2009

                       Properties with Foreclosure Filings
    Rate   State
    Rank   Name             NOD        LIS         NTS       NFS        REO

    --   U.S.             54,064     55,509     78,234     28,729      74,095

    42   Alabama               0          0        312          0         401
    32   Alaska                0          0        112          0          91
    2    Arizona               3          0     12,258          0       5,858
    18   Arkansas            162          0      1,050          0         404
    3    California       43,072          0     18,831          0      18,872
    11   Colorado              4          0      3,126          0       1,089
    14   Connecticut           0      1,793          3        118         306
    33   Delaware              0          0          0        203          70
         District of
          Columbia           135          0        180          0          64
    4    Florida               0     27,492          4     12,923       5,972
    8    Georgia               0          0      7,073          0       3,112
    27   Hawaii              102          0        364          0          71
    5    Idaho             1,003          0        669          0          92
    7    Illinois              0      6,882          1      4,362       2,973
    13   Indiana               0      1,386          3      1,603       1,414
    37   Iowa                  0          0        215          0         364
    28   Kansas                0        149          1        375         646
    43   Kentucky              0         95          0        219         284
    40   Louisiana             0          2          4        494         178
    39   Maine               115          0        124          0          22
    16   Maryland              0      2,183          0        470         523
    26   Massachusetts         0      1,498          0        486         956
    6    Michigan              0          0      7,838          0       4,726
    23   Minnesota             5          0      1,089          0       1,480
    44   Mississippi           0          0        173          0         121
    21   Missouri              3          0      1,592          0       1,534
    46   Montana               0          0         10          0          44
    50   Nebraska              0          0          0          3          10
    1    Nevada            8,406          0      4,560          0       2,817
    19   New Hampshire         0          0        586          0         153
    29   New Jersey            0      1,783          2        840         654
    38   New Mexico            0        133          0        140         100
    35   New York              0      3,200          2        729         370
    36   North Carolina      217          0        492          0       1,330
    47   North Dakota          0          0          0         15          22
    10   Ohio                  0      4,453          2      3,376       3,400
    34   Oklahoma            261          0        542          0         227
    9    Oregon               33          0      2,803          0         772
    31   Pennsylvania          0      1,686          5      1,383       1,118
    30   Rhode Island          0          0        197          0         212
    20   South Carolina        0      1,129          1        393         950
    48   South Dakota          0          0          0         30           2
    17   Tennessee             0          0      1,994          0       1,697
    24   Texas                19          0      5,943          0       4,565
    12   Utah                523          0        674          0         608
    49   Vermont               0          0          0          0          11
    15   Virginia              1          0      3,198          0       1,624
    25   Washington            0          0      2,055          0         966
    45   West Virginia         0          0         90          0          21
    22   Wisconsin             0      1,645          0        567         774
    41   Wyoming               0          0         56          0          25


                                                % Change  % Change
    Rate   State                     1/every X    from       from
    Rank   Name           Total      HU (rate)   Jan 09     Feb 08

    --   U.S.            290,631        440       5.92      29.95
    42   Alabama             713      2,997     -22.50       0.99
    32   Alaska              203      1,390      21.56      37.16
    2    Arizona          18,119        147      23.48      87.76
    18   Arkansas          1,616        797       6.60      16.01
    3    California       80,775        165       5.23      50.62
    11   Colorado          4,219        504      -2.41     -37.38
    14   Connecticut       2,220        648      34.46       1.00
    33   Delaware            273      1,424      56.90      19.74
         District of
          Columbia           379        750      83.09      11.47
    4    Florida          46,391        188      13.79      42.97
    8    Georgia          10,185        389       2.81      33.47
    27   Hawaii              537        944      59.35     275.52
    5    Idaho             1,764        358      16.67     129.39*
    7    Illinois         14,218        369      -1.59      62.34
    13   Indiana           4,406        631      -3.29     -14.40
    37   Iowa                579      2,296     -14.48      22.41
    28   Kansas            1,171      1,041      76.09     156.80
    43   Kentucky            598      3,187     -10.88      25.63
    40   Louisiana           678      2,742      39.79       4.31
    39   Maine               261      2,669     -15.26      28.57
    16   Maryland          3,176        730     -14.09     -20.92
    26   Massachusetts     2,940        926     -12.55     -24.73
    6    Michigan         12,564        360      10.04      14.67
    23   Minnesota         2,574        895      36.48      63.84
    44   Mississippi         294      4,268       6.91      98.65*
    21   Missouri          3,129        846      26.73      -9.80
    46   Montana              54      8,065      10.20     -70.17
    50   Nebraska             13     60,062     -58.06     -94.37
    1    Nevada           15,783         70       9.27     155.93
    19   New Hampshire       739        804      -1.47      14.93
    29   New Jersey        3,279      1,067     -34.49     -41.43
    38   New Mexico          373      2,311     127.44     -25.99
    35   New York          4,301      1,846      23.03     -17.97
    36   North Carolina    2,039      2,023     -14.54     -49.68
    47   North Dakota         37      8,393     -28.85      68.18
    10   Ohio             11,231        451       0.29       8.14
    34   Oklahoma          1,030      1,576       5.86     -42.49
    9    Oregon            3,608        446     -20.02     127.78
    31   Pennsylvania      4,192      1,307      13.85      73.58*
    30   Rhode Island        409      1,102     -45.10      -8.30
    20   South Carolina    2,473        818       0.41     254.30*
    48   South Dakota         32     11,164     -17.95      23.08
    17   Tennessee         3,691        738       0.79     -25.57
    24   Texas            10,527        896       7.92     -14.14
    12   Utah              1,805        513       0.78      40.14
    49   Vermont              11     28,312      83.33     175.00*
    15   Virginia          4,823        679     -10.12      15.19
    25   Washington        3,021        908      -3.79      36.08
    45   West Virginia       111      7,952      50.00     184.62
    22   Wisconsin         2,986        857      10.63      24.78
    41   Wyoming              81      2,992      -2.41      26.56

    *Actual increase may not be as high due to data collection changes or
     improvements

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac's foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

SOURCE RealtyTrac