Posted on Thursday, February 11, 2010
Realty Tracs January 2010 U.S. Foreclosure Market Report shows that foreclosure filings were reported on 315,716 U.S. properties during the month, 1 in every 409 housing units.
That's a decrease of nearly 10 percent from the previous month but still 15 percent above January 2009. Last month’s decline follows a 14 percent month-to-month increase in filings recorded in December 2009.
“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, CEO of RealtyTrac. “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”
REO activity nationwide was down 5 percent in January compared to the previous month but still up 31 percent from January 2009. Default notices were down 12 percent from December but up 4 percent from year-ago levels, and scheduled foreclosure auctions were down 11 percent for the month but increased 15 percent from January 2009.
Nevada’s foreclosure rate remained the highest for the 37th straight month. One in every 95 Nevada housing units received a foreclosure filing in January – more than four times the national average.
Arizona’s foreclosure rate is second highest among the states in January. One in every 129 Arizona homes was in some stage of foreclosure during the month.
Foreclosure activity decreased by double-digit percentages from the previous month in both California and Florida, and the two states registered nearly identical foreclosure rates – one in every 187 housing units receiving a foreclosure filing.
Other states rounding out the top 10 list were Utah, Idaho, Michigan, Illinois, Oregon, and Georgia.
Six states account for nearly 60 percent of the national total: California, Florida, Arizona, Illinois, Michigan, and Texas.