RealtyTrac: Monthly foreclosure filings reverse course, rise 8%
40th consecutive month of declines annually
Monthly foreclosure filings — including default notices, scheduled auctions and bank repossessions — reversed course and increased 8% to 124,419 in January from December, according to the latest report from RealtyTrac.
This marks the 40th consecutive month where foreclosure activity declined on an annual basis, with filings down 18% from January.
“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,” Blomquist added.
As a whole, 57,259 U.S. properties started the foreclosure process for the first time in January, rising 10% from December but still down 12% from last year: the 18th consecutive month where foreclosure starts have decreased annually.
Opposite of the national trend, this month’s foreclosure starts increased from a year ago in 22 states, including Maryland (up 126%), Connecticut (up 82%), New Jersey (up 79%), California (up 57%), and Pennsylvania (up 39%).
Scheduled foreclosure auctions jumped 13% in January compared to the previous month. However, it is still down 8% from a year ago, marking the 38th consecutive month where U.S. scheduled foreclosure auctions have decreased annually.