Foreclosure Activity Decreases 10%

The extensive foreclosure efforts on the part of lenders and government agencies appear to have impacted the January foreclosure numbers with REOs, which represent completed foreclosure sales, down 15% nationwide from December, according to RealtyTrac. In its January 2009 U.S. Foreclosure Market Report, the company showed foreclosure filings were reported on 274,399 properties, a 10% decrease from December but still up 18% from January 2008. CEO James Saccacio pointed out that the Fannie Mae and Freddie Mac moratorium on all foreclosure sales that was extended through the end of January had an impact on the data along with Florida's voluntary 45-day freeze on all new foreclosure actions. Nevada foreclosure activity in January decreased 4% from December, but the state continued to register the nation's No. 1 foreclosure rate. Filings were reported on 14,444 properties in January, up 137% from January 2008. California posted the second highest rate with one in every 173 housing units receiving a filing, and Arizona was third with one in every 182 housing units. Despite a 20% month-over-month drop in foreclosure activity, Florida posted the fourth highest rate, with one in every 214 housing units. Filings were reported on 76,761 California properties, the most of any state despite a 14% decrease from December. Florida's 40,770 properties receiving filings in January was the second highest total of any state.