IRVINE, CA-The total volume of US foreclosure starts fell to a six-year-low in January, and for the first time since January 2007, California did not lead the states list of properties with the most foreclosure filings, according to RealtyTrac, a supplier or US real estate data. In addition scheduled foreclosure auctions increased in 26 states across the country during January.
US foreclosure filings decreased 7% in January from the previous month and were down 28% from January 2012, RealtyTrac's report says. Also, US bank reposessions decreased 5% from the previous month and were down 24% from January 2012 to the lowest level since February 2008.
Commenting on California losing its lead as the state with the highest number of properties with foreclosure filings, RealtyTrac VP Daren Blomquist said in a prepared statement, “That dubious distinction went to Florida, where January foreclosure activity increased on an annual basis for the 11th time in the last 13 months.”
Also in January, scheduled foreclosure auctions increased from the previous month in 26 states and the District of Columbia, hitting 12-month or more highs in several key judicial foreclosures states, including Florida, Illinois, Pennsylvania and New Jersey, although foreclosure starts were down on a year-over-year basis in Florida, Illinois and Pennsylvania.
As GlobeSt.com reported earlier this month, several East Coast markets topped the list of best places to buy foreclosures in 2013, according to RealtyTrac, while those metros listed as the worst to buy foreclosures in this year are located in Western and Southwestern states.
Read our update to this story later today to see how California and Florida foreclosures compare.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
