February's foreclosure rate was ever so slightly lower than January's record-setting pace. That is to say, there were 3,212 Notices of Default (NODs) in February as compared to 3,299 in January and 1,398 Notices of Trustee Sale (NOTs) last month compared to January's 1,461.

But comparing month-to-month totals is always tricky when the shortened month of February is involved. This particular February contained 21 business days — 8.6 percent fewer than January. February's NOD and NOT counts were, respectively, 2.6 percent and 4.3 percent less than January's. So the pace of foreclosure activity per business day was actually higher in February than in January or, for that matter, ever.

Regardless, either month's rate is absolutely incredible compared to what we've seen in the past. The accompanying graph, which displays NODs and NOTs adjusted for San Diego's population growth over the years, gives an idea of just how far into uncharted territory we are at this point.

— RICH TOSCANO