First, the good news: Foreclosure filings dropped nearly 10% between December and January. Now, the bad news: Filings rose 15% compared to a year ago, and the number of people who actually had their homes repossessed jumped 31% to 87,648.
"January foreclosure numbers are exhibiting a pattern very similar to a year ago," said James Saccacio, RealtyTrac's CEO. "If history repeats itself, we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan-modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works."
Most industry observers also expect home prices to decline further this year before they stabilize. That will push more homeowners underwater -- meaning they owe more on their mortgages than their homes are worth -- making them less likely or able to pay off their mortgage loans.
By Les Christie, staff writer
Edited by Paul Nelson
For more details Yahoo Finance.
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