"foreclosure activity is running at a rate that would project to a 33 percent increase over 2006"

As with all reports, the year over year numbers are what should be used to evaluate changes in real estate trends.

From the Central Valley Business Times:

A total of 130,786 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported last month, down 4 percent from a revised January total but still up 12 percent from February 2006, according to figures compiled by RealtyTrac Inc., an Irvine-based online marketplace for foreclosure properties.

"Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006," says James Saccacio, chief executive officer of RealtyTrac, in written comments. "It appears that as subprime and FHA loans default at higher than anticipated rates, and lenders tighten their underwriting standards, we're going to continue to see a spike in the number of homeowners facing foreclosure."

California's second-highest total of 16,273 foreclosure filings during the month represented a 4 percent increase from the previous month and 79 percent increase from February 2006. The state's February foreclosure rate of one foreclosure filing for every 751 households was 1.2 times the national average and ranked 13th highest among the states.