Home foreclosures in the U.S. witnessed a sharp drop in Feb. 2013. However, the number of foreclosure starts/ initial filings was up 10 percent in February when compared to the rates of January; these see-sawing numbers point to a mixed housing market scenario.
According to the data released by realty intelligence firm, RealtyTrac, it was revealed that foreclosures plunged 29 percent from a year earlier to reach the lowest since 2007. The percentage is 11 percent lesser than the figures of January as well.
The percentage of foreclosures fell considerably in 32 American states in February, when compared to the rates of January. Oregon recorded the highest drop with a 78 percent slump. Massachusetts, Nevada, Georgia and California witnessed 69, 59, 58 and 49 percent drops respectively.
However, the number of Foreclosure starts went up 10 percent in February from a month earlier, after declining for three consecutive months. Foreclosure starts increased in 32 states. Nevada posted the highest rate of annual foreclosure start rates at around 334 percent. Maryland, Washington and New York followed recording 319, 172 and 139 percent, respectively.
The number of foreclosure filings also went up in some states. Florida leads the group with 0.35 percent of units with foreclosure filings. Nevada, Illinois and Ohio followed suit with 0.30, 0.24 and 0.21 percentage of residential units filed for foreclosure.
"At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years. But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system. Foreclosure starts have been steadily building in those states over the last several months and likely will end up as bank repossessions or short sales later this year," Daren Blomquist, vice president at RealtyTrac, said in a statement.
Check out the list of American cities where foreclosed properties are the cheapest here.
