RealtyTrac’s U.S. Foreclosure Market Report shows foreclosure filings – default notices, auction sale notices and bank repossessions – were reported on 223,651 U.S. properties last month, down four percent from January but rising nearly 60 percent from February 2007.

One in every 557 American households received a foreclosure filing during February.

“The year-over-year increase of 60% this February was significantly higher than the 19% year-over-year increase in February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle,” RealtyTrac CEO James Saccacio says.

Nevada continued to record the highest foreclosure rate among the states, with one in every 165 households receiving a foreclosure filing, more than three times the national average. Foreclosure filings were reported on a total of 6,167 Nevada properties during the month, up one percent from January and rising 68 percent from February 2007.

Las Vegas itself recorded one filing per 131 households.

California had the second highest state foreclosure rate, with one in every 242 households filing during February, while Florida was third highest at a rate of one per 254 households. Both states had rates that were more than double the national average.

Arizona’s foreclosure activity rose six percent from January and nearly 210 percent from February 2007. The rate came to one per 264 households. Colorado, Michigan, Ohio, Georgia, Indiana and Tennessee round out the top 10 states for foreclosure filings last month.

Metropolitan areas in California and Florida accounted for nine of the top 10 city foreclosure rates last month with Las Vegas being the only exception.

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