Jan. foreclosures off 10% from Dec.
Efforts to stem the tide of foreclosures appear to be having some impact as foreclosure activity fell 10% in January from December, according to RealtyTrac.
Efforts by lenders and government agencies to stem the tide of foreclosures appear to be having some impact as foreclosure activity fell 10% in January from December, according to RealtyTrac of Irvine, Calif.
However, the figures indicate that activity was still up 18% year over year, marking the 37th consecutive month of such increases.
The report shows the number properties receiving foreclosure filings, which include default notices, auction sale letters and bank repossessions, was 274,399 in January.
This equates to one in every 466 U.S. households getting a foreclosure filing in January.
“The extensive foreclosure efforts on the part of lenders and government agencies appear to have impacted the January numbers — particularly the Fannie Mae and Freddie Mac moratorium on all foreclosure sales that was extended through the end of January along with Florida’s voluntary 45-day freeze on all new foreclosure actions,” James Saccacio, chief executive of RealtyTrac Inc., said in a statement.
Nevada, California and Arizona continue to lead the pack when it comes to foreclosure rates.
In Nevada, foreclosure filings were reported on 14,444 properties in January, up 137% from January 2008. This means about one in every 76 units there were in foreclosure in January —more than six times the national average. California came in second with one out of every 173 homes getting a foreclosure notice while Arizona rounded out the top three with one out of every 182 homes getting one.
Fannie Mae is based in Washington, Freddie Mac in McLean, Va.
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