The nationwide foreclosure filings increased 60% in February compared with same month last year. But there is some good news as there was a slight decline compared to January this year. This was information was contained in a report by RealtyTrac a leading online marketer of foreclosed homes.

RealtyTrac, reported that 223,651 homes got hit with foreclosure filings last month. This includes default notices, auction sale notices and bank repossessions. From the above, 46,508 homes of were lost to bank repossessions. This was twice as much as compared to last year’s.

The report also cited a decline in foreclosure filings in February by 4% compared to the previous month of January.

Rick Sharga, a RealtyTrac spokesman mentioned that the monthly decrease is a "seasonal occurrence." The foreclosure rates spike in January as caused by extra debt from the holiday expenses then settle down in February, he said.

Nevada, California and Florida had the highest foreclosure filing rates nationwide. In Nevada, one in every 165 households received a filing in February, an increase of 68% compared to the same period a year ago and more than three times the national average. Home prices increased in all three states during the housing boom, partly due to speculative home buyers’ investment.

In California, foreclosure activity increased 131% year-over-year with a total of 53,629 filings. Florida reported 32,447 foreclosure filings, up 69% over the same period last year.

Florida's Cape Coral-Fort Myers metro area had the most difficult time in February with a filing rate of one in every 84 households receiving a foreclosure filing. This is more than 6 times the national average. Stockton, Calif., had the second-highest foreclosure rate, where one for every 87 households receiving a filing in February.

Now, states like California and Florida are exerting greater effort to counter the decreasing home prices and increasing foreclosure rates which are the general effects of the housing glut.