March 11, 2010

WASHINGTON (AP) -- The pace of foreclosures is down, but a new wave could be ahead.

RealtyTrac says the number of foreclosure notices last month fell more than 2 percent from January, to roughly 308,000. The number of households facing foreclosure is up 6 percent compared to a year ago, but RealtyTrac says that's the smallest annual increase in four years.

Still, a company spokesman says, "It's premature to declare victory just yet."

Hundreds of thousands of homeowners are still being evaluated for help under loan modification programs. Many analysts say most will eventually lose their homes, sparking a new round of foreclosures later this year.

RealtyTrac says a record 2.8 million households were threatened with foreclosure last year. That's expected to rise to more than 3 million this year.

(Copyright 2010 by The Associated Press. All Rights Reserved.)