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Filings for foreclosure down in February, though people facing debt problems may tap consumer credit counseling services
By Oscar Monfort on Mar 12th, 2010
One sign that consumers are struggling with debt is the amount of foreclosures reported across the country.
A recent report from foreclosure website RealtyTrac shows that the number of foreclosure notices had a slight decline in February when compared to January's numbers. The 308,524 foreclosure filings seen in February are 2 percent less than what was reported for the first month of the year.
Though there was a month-to-month improvement, the number of foreclosure filings is still 6 percent higher than was seen in February 2009. Six states accounted for 61 percent of all foreclosure activity in the month. In order, they were: California; Florida; Michigan; Illinois; Arizona; and Texas.
As far as cities go, Las Vegas posted that highest foreclosure rate. According to RealtyTrac, one in every 90 homes in that city's metro area received some type of foreclosure filing in February.
While unemployment may be one factor that could lead to a foreclosure, another is not properly handling debt. People who are having a hard time navigating their personal finances may consider visiting a consumer credit counseling service, which can analyze their finances and establish a budget that will keep them in the black.
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