Purchases of homes in or near foreclosure nationwide last month hit the highest percentage of total sales since July 2008, indicating a trend that is closely correlated with falling home prices, according to a new survey.

Distressed properties made up 48.1 percent of home purchases in February, according to the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions.

The survey, which polls more than 1,500 real estate agents, found distressed sales were as low as 37 percent in November.

Distressed properties include homes that are bank owned or whose market values are below the balance of the homeowner’s mortgage. As distressed properties have hit the market since the beginning of the year, home prices have weakened, the survey said.

Foreclosure supply shrank in 2009 as banks ramped up efforts to cut monthly payments under the flagship loan modification program, and amid foreclosure moratoriums on the state level. Follow-through on modifications has been slow, however, as many homeowners failed to produce documents or could not meet lower payments during trial periods.