January may have been the beginning of a new year, but some things never change. America remains in the throes of a foreclosure epidemic for the fourth straight year.
There was a foreclosure filing of some type on 261,333 U.S. properties in January, but while the numbers were still staggering, there were some encouraging signs. Total foreclosure filings are now well below their peak levels and overall foreclosure activity was down 17 percent from January of 2010, even though it was up 1 percent over the December numbers.
The 261,000+ filings spread across these categories represent one for every 497 housing units.
Default notices, NOD or LIS were received for a total of 75,198 properties, down one percent since December and 27 percent from one year earlier. This was the fourth straight month where filings in this category declined and the lowest monthly total since July 2007.
Foreclosure auctions were scheduled on 108,002 properties, the lowest monthly total since February 2009 and a decrease of 4 percent from December and 13 percent from January 2010.
Perhaps because of the delay caused by the moratorium on foreclosures that had been imposed by many servicers in the fall, the number of homes that were foreclosed and taken into bank inventory in January increased by 12 percent over December to a total of 78,133 properties, but continuing the pattern of substantial year-over-year decreases, were 11 percent lower than in January 2010.
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Source: http://www.mortgagenewsdaily.com/02102011_foreclosure_filings.asp
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