112,498 U.S. properties received foreclosure filings in February, according to RealtyTrac.
This was down 27% from a year ago and was the lowest monthly total since December 2006. In fact, one in every 1,170 U.S. homes received a foreclosure filing in February.
But the headline number can be misleading.
"Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures," said Daren Blomquist, vice president at RealtyTrac said in a press release.
While certain housing markets are recovering, others are starting to see foreclosures pick up. We recently reported that U.S. foreclosure crisis appears to be shifting to the East coast.
"The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowner or the foreclosing lender taking responsibility for maintenance and upkeep of the home - or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance," Blomquist said.
We drew on RealtyTrac's report to highlight the 14 metros with the highest foreclosure rates.
Note: The metros are ranked by foreclosure rate, i.e., one in every X homes received a foreclosure filing.