U.S. Foreclosure Activity Decreases 10% in January 2010

In its January 2010 U.S. Foreclosure Market Report, RealtyTrac, one of the leading online marketplaces for foreclosure properties, foreclosure filings were reported to be down nearly 10% from the previous month at 315,716 U.S. properties. The number is still 15% above the level reported in January 2009.

"January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10% drop in January," said James J. Saccacio, chief executive officer of RealtyTrac. "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."