"5 states--California, Florida, Michigan, Arizona and Illinois -- continued to account for more than half of all foreclosure filings.
- 2/10/11, "US Home Foreclosures Rise in January, More Seen," Reuters
According to a report from real estate data firm RealtyTrac, lenders foreclosed on 78,133 properties in January, up 12 percent from the month before, but down 11 percent from January a year ago.
Bank seizures at states with non-judicial foreclosure processes jumped 23 percent, while
- states with a judicial process saw a decrease of 7 percent.
"It suggests the system is still frozen up. We should have seen a much larger increase in both overall activity and bank repossession," said Rick Sharga, senior vice president at RealtyTrac.
- "The numbers will inevitably go up, it's just a question of will it be sooner or will it be later."...
The report also showed 1 in every 497 houses received a foreclosure filing during the month. Five states -- California, Florida, Michigan, Arizona and Illinois -- continued to account for more than half of all foreclosure filings.
- California alone accounted for more than one quarter.
Nevada, Arizona and California also had the highest foreclosure rates. Nevada had the country's highest foreclosure rate for the forty-ninth month in a row. One in every 93 Nevada homes received a foreclosure filing in January, more than
- five times the national average, RealtyTrac said.
Ongoing foreclosures are a major headwind for a market that is already struggling with a glut of unsold houses. Data from Zillow Inc earlier in the week showed the number of single-family
- homes where the mortgage is worth more than the home
- increased to 27 percent in the fourth quarter
from 23.2 percent the previous quarter,
- suggesting more potential foreclosures to come."
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