Foreclosure Activity Slows in January

Foreclosure Activity Slows in January

Foreclosure filings, including default notices, auction sale notices and bank repossessions, declined 10 percent in January from December, but is still up 18 percent from January 2008, according to RealtyTrac, an online marketer of foreclosure properties. One in every 466 homes received a foreclosure filing during the month, for a total of 274,399 total filings.

Nevada again had the top foreclosure rate in the country in January with 14,444 foreclosure filings, or one in every 76 housing units. While activity fell 4 percent in the state from the previous month, it is still up 137 percent from a year ago. California had the second-highest rate with one in every 174 housing units receiving a foreclosure filing, followed by Arizona with one in every 182 units in foreclosure.

RealtyTrac’s CEO James J. Saccacio says the drop in foreclosure activity in January stems from increased government intervention. “The extensive 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 and scheduling of foreclosure sales that were announced at the beginning of December,” he says.

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