Foreclosure activity increased in January with filings up 8 percent from December on a nationwide basis. RealtyTrac reported today there was a total of 124,419 foreclosure filings of various types during the month, a filing for one in every 1,058 U.S. households. This was a drop of 18 percent from the number of filings in January 2013. RealtyTrac reports on initial foreclosure filings in three categories; default notices (NOD or LIS), scheduled auctions, and bank repossessions or REO.
January marked the 40th consecutive month where U.S. foreclosure activity declined on an annual basis, but the annual decline of 18 percent was the smallest annual decline since September 2012, and the 8 percent monthly increase was the biggest month-over-month increase since May 2012.
“The monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust,” said Daren Blomquist, vice president at RealtyTrac. “The foreclosure rebound pattern is not only showing up in judicial states like New Jersey, where foreclosure activity reached a 40-month high in January, but also some non-judicial states like California, where foreclosure starts jumped 57 percent from a year ago, following 17 consecutive months of annual decreases.”
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”