RealtyTrac, the company that calculates the yearly increase in the country's rate of foreclosures, showed the nationwide foreclosure rate dipped by 2% in February according to the reports released this Thursday. It also showed how the rate had fallen to 10% in January 2010 when compared to December 2009.

The Obama administration's mortgage modification program eased the situation for many borrowers. If a borrow defaults on a few payments, the bank now evaluates the situation to see how beneficial it can be to opt for a foreclosure.

A total of six US states showed foreclosure, filing up to 60%. California tops this list, followed by Florida, Michigan in the third place, Illinois, sixth place by Arizona and finally Texas. January 2010 had over 80,000 houses re-possessed by the banks, but witnessed a dip in February, at 78,683.

A consultancy from California stated that the filings included - defaulters, auctions and other items re-possessed by the bank had an impact on nearly 308,500 properties in the United States, averaging to one of every 418 housing units.

James Saccacio CEO of Realty Trac said, "This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity -- albeit at a historically high level."

James Saccacio also mentioned that these numbers don't really show if property owners run the risk of a foreclosure. The prevention programs have drastically impacted the capping of such filings. Another set of factors responsible to curb these foreclosure filings were bad weather conditions, like the snow storm that kept the court closed.