According to a recently published article in REALTOR Magazine, nationally, foreclosures increased again in January as banks continued to work through a large backlogs of defaulting loans in their books, RealtyTrac reports. The number of foreclosure filings — including default notices, scheduled auctions, and bank repossessions — increased 3 percent from December to January.
However, the numbers were significantly down compared to one year earlier, RealtyTrac reports.
Last month, one in every 624 households received a foreclosure filing — a drop of 19 percent compared to January 2011.
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Foreclosures Pick Up Pace, Banks Work Through Glut