Foreclosures decrease 10 percent in January

Foreclosures decreased 10 percent in January compared with December, according to RealtyTrac®’s monthly foreclosure market report.  Foreclosure filings were reported on 315,716 U.S. properties in January, a 10 percent decrease compared with December, but up 15 percent compared with January 2009.  The report also found nearly one in every 409 U.S. housing units received a foreclosure filing in January.

Foreclosure activity in California decreased 10.77 percent in January compared with December, with one in every 187 housing units receiving a foreclosure filing, according to the report.

Six California cities registered foreclosure rates among the top 10 in the nation: Modesto, one in every 107 housing units; Stockton, one in 107; Riverside-San Bernardino-Ontario, one in 109; Merced, one in 109; Vallejo-Fairfield, one in 112; and Bakersfield, one in 118. (information courtesy of CAR)

The big news here is that the rate is declining and we seem to be going in the right direction to help shore up property values.  We may not see Burbank property values at the levels we saw 5-6 years ago , but this is a huge indication that we are going in the right direction for stable home prices.