We are a nation of 50 states, but in eroding real estate markets, some states bear more of the brunt than others. Figures out last week show that in February Florida happened to be home to about one in every seven of the country's 130,786 homes in some stage of foreclosure.

In sheer volume, Florida had 19,144 homes in the process of foreclosure - more than any other state, and hinting of a higher 2007 rate than Florida's 124,721 total foreclosures in 2006. February's number was bigger than more expensive California's, where only 16,273 homes were foreclosure-bound, according to data from RealtyTrac.

Blame Florida's popularity with real estate speculators for part of the foreclosure pace. Add to that Florida's concentration of subprime lending - mortgages made to people with weak credit who now can't make their payments - plus this year's rate bump in adjustable rate mortgage payments. Florida's slowing job creation may also be a factor.

Look at it another way:

- One of every 382 households in Florida last month faced some aspect of foreclosure proceedings, ranging from default notices for late payments to auctions and repossessions. Florida ranked third in foreclosure rate behind the less populated states of Nevada and Colorado.

- That compares with foreclosure rates of one in 751 households in California, one in 650 in Texas, one in 455 households in job-shedding Michigan, and one in 424 next door in Georgia.

- Overall, one of every 884 U.S. households struggled with foreclosure last month. That's less than half Florida's rate.

- While national foreclosure filings declined 4 percent in February from January, Florida's increased 63.5 percent.

- Nationally, foreclosures were up 12 percent from February 2006. In Florida they were up nearly double in the past year.

This is not meant to be just another numbers dump about the housing slump. Consider it a reminder that Florida's vast run-up in home prices and the enormous backlog of housing for sale will now need time - we're talking years - to rebalance.

Look for home prices in Florida, depending on location, to droop from 5 to 15 percent in the next two years, says UC Berkeley professor Ken Rosen, who chairs the Fisher Center for Real Estate and Urban Economics.

So far, U.S. homeowners are falling behind on their payments 33 percent faster than they did last year, says James Saccacio, RealtyTrac's chief executive.

Whether Florida's foreclosure pace will continue to worsen is hard to say.

Last year, the state's foreclosure activity remained relatively flat, up just 2 percent from 2005. But the state's foreclosure total still placed third highest among all states behind Texas and California. Florida reported 124,721 foreclosure filings during the year, a rate of one foreclosure filing for every 59 households - or 1.7 percent of households, says RealtyTrac. The state's foreclosure rate dropped to seventh highest in 2006 after claiming the top spot in 2005.

In the Tampa Bay area, 18,665 households last year struggled with foreclosure. That's one in every 61 area households. That was about the same rate as Toledo and Sacramento, and far worse than Washington, D.C. or Boston. But a lot better than Atlanta, Dallas or Miami.

Robert Trigaux can be reached at trigaux@sptimes.com or (727) 893-8405.