US Foreclosure Activity Rises 8% in January

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IRVINE, CA-National residential foreclosure activity spiked upward by 8% in January, driven by double-digit percentage increases in foreclosure starts and scheduled foreclosure auctions, according to RealtyTrac. The firm reports that foreclosure filings were reported on 124,419 US residential properties last month, but while this is a climb from the previous month, foreclosure activity is still down 18% from a year ago.

January market the 40^th consecutive month where US foreclosure activity declined on an annual basis, but the annual decline of 18% was the smallest annual decline since September 2012. Also, the 8% monthly increase was the biggest month-over-month increase since May 2012, according to RealtyTrac.

"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," says Daren Blomquist, VP of 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% from a year ago, following 17 consecutive months of annual decreases."

As GlobeSt.com reported in January, while overall foreclosure activity increases in 10 states including Washington, nationwide filings are down significantly from 2012 and down 53% from their peak in 2010, reports RealtyTrac. Foreclosure filings were down 26% from 2012, representing the lowest annual total since 2007, according to the firm.

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