Foreclosures slide across U.S.

Foreclosures fell in Feburary nationwide.While the controversy over foreclosures continues across much of the country, data from RealtyTrac showed a significant decline in activity last month.According to the report, foreclosure activity nationwide in the short month of February was 14 percent below numbers from January, and was also 27 percent below the foreclosure rate from February 2010.”The bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak.”Those drops also carried over to Texas. According to the report, foreclosures in Feburary were down more than 22 percent compared to the previous month, and more than 8.5 percent below levels from Feburary 2010.While the emphasis on foreclosed homes locally has slowed slightly, they still make up a large part of the Houston real estate market. According to the Houston Association of Realtors, foreclosure sales made up 24.7 percent of sales in January.

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