Foreclosure activity falls year over year for 16th straight month in January
BY INMAN NEWS, THURSDAY, FEBRUARY 16, 2012.
Foreclosure activity was down on an annual basis for the 16th month in a row in January, but there are signs that activity is picking up in some states, according to a report from foreclosure data aggregator RealtyTrac.
A total of 210,941 U.S. properties, or 1 in 624 housing units, received a foreclosure filing — default notice, scheduled auction or bank repossession — in January. That’s a nearly 3 percent increase from December, but a 19 percent decrease compared to January 2011.
“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, RealtyTrac’s CEO, in a statement. “We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders. The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year.”
For more information, contact Regina Singh 714-883-5205 or Regina@ReginaSingh.com