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Foreclosure Activity Stalls

by Chicago Agent

RealtyTrac released yesterday its U.S. Foreclosure Market Report for January 2011, which shows foreclosure filings this month have increased 1 percent from last month but a 17 percent decrease from January 2010.

Home underwater

Home underwater - Image by Mike Agliolo/Corbis

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” says James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

With 67,072 properties receiving a foreclosure filing, California accounted for more than 25 percent of the national total in January. After hitting a 25-month low in November, California foreclosure activity has increased on a month-over-month basis for two straight months.

Florida foreclosure activity decreased on a month-over-month basis for the fourth straight month, but the state’s 21,671 properties receiving a foreclosure filing in January — a 42-month low — was still the second highest in the nation.

Other states with foreclosure rates ranking among the top 10 in January were Michigan, Arizona, Georgia, Illinois, Florida, Nevada,Colorado, Ohio and New Jersey.

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