A flood of foreclosures swamped the Pittsburgh region in February, which saw the most foreclosed homes in more than two decades.

Four hundred owners lost their homes in February in the five-county Pittsburgh region, 64 more than February of last year, according to RealSTATs, a South Side-based real estate information company.

In the 22 years since RealSTATs began keeping records, no one month has recorded more foreclosures than February’s total.

Allegheny County led the pack with 222 home foreclosures in February, up 55 from February 2007. Butler and Washington counties had 16 and 17 more foreclosures in February than the same month last year, respectively.

“‘How long will it last’ and ‘how bad will it get’ are two questions many want to have answered,” said Daniel Murrer, vice president of RealSTATs, in a statement. “February’s 19 percent jump in foreclosures combined with an 11.4 percent drop in market activity is troubling news for Western Pennsylvania. We’ve seen the clouds on the horizon, the storm is now here.”

Courtesy of the Pittsburgh Business Times

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