Industry NewsMarkets & Economy

Foreclosure activity slows in January

Filings still up compared to a year ago

Fewer people received default notices, had their homes up for auction and had their homes repossessed by banks in January compared to December, according to a report released by foreclosure property site RealtyTrac Thursday. Such foreclosure filings were up 15 percent from January 2009, however, with more than 300,000 properties (315,716) receiving filings for the 11th consecutive month. Bank repossessions alone were down 5 percent month-to-month, but up 31 percent year-over-year; default notices decreased 12 percent month-to-month, but increased 4 percent year-over-year; and scheduled auctions fell 11 percent month-to-month, but rose 15 percent from January 2009, the report said. "January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January," said James J. Saccacio, RealtyTrac's CEO. "If history repeats itself we will see a surge ...