U.S. Foreclosure Filings Rose in January as Nevada Continues to Lead the Pack

U.S. foreclosure filings rose 1% in January 2011 from December 2010, according to real estate trends research firm RealtyTrac -- a sign that the housing crisis has begun to extend into 2011.

Standard & Poor's recently forecast that home prices could fall as much as 7% to 10% more this year. Nobel Prize-winning economist Joseph Stiglitz recently stated foreclosures could reach 2 million in the U.S. this year. "U.S. foreclosures are continuing apace," he said. "A quarter of U.S. homes are underwater."

RealtyTrac wrote in its monthly report that foreclosures "were reported on 261,333 U.S. properties in January." While this is an increase over December, it is a 17% decrease from a year ago. The firm's methodology describes foreclosure filings as default notices, scheduled auctions, and bank repossessions. Based on this definition "one in every 497 housing units received a foreclosure filing during the month."

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"We've now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000," said James J. Saccacio, chief executive officer of RealtyTrac. "Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing."

The list of most troubled states has stayed fairly constant throughout the housing crisis. Nevada bank repossessions rose 16% from the December. "One in every 93 Nevada housing units received a foreclosure filing in January -- more than five times the national average," RealtyTrac reported.

Arizona, California, Michigan, and Florida rounded out the top five states for foreclosure activity.

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Californians have screwed up real estate markets in many cities. They first decided to move to Seattle. They created a bubble that burst. Now they decide to go to the desert and paid outrageous prices for it. Then they woke up again an realized that they had thrown their money in a sand trap. Once again they forgot that they weren't limited by mountians on one side and an ocean on the other. Will they ever learn?

March 08 2011 at 9:45 AM Report abuse rate up rate down Reply

The housing calamity goes hand-in-glove with joblessness and underemployment. Unless or until Congress and the Administration wake up to this crisis, and work with lenders (bailees) and homeowners (bailors, sometimes known as "taxpayers")to establish a fair way to revalue housing to permit some, even temporary, principal reductions in concert with a fair way to recover gains (if there are any in our futures), our economy will continue to circle the bowl, however well companies that are routinely still slashing jobs are doing.

February 10 2011 at 3:47 PM Report abuse +1 rate up rate down Reply

So, Rebublicans, where are all the jobs? You said you would make jobs, jobs, jobs the number one priority... It has been a month and so far all I've seen is that a significant number of Americans are no longer being counted as unemployed - not because they found work, but because they stopped looking... We've got to have people working so they can afford to stay in their homes. Get to work!

February 10 2011 at 2:58 PM Report abuse +1 rate up rate down Reply

you can thank Harry Reid! are you having fun in Nevada???

February 10 2011 at 10:28 AM Report abuse +2 rate up rate down Reply

Put a Value Added Tax (VAT) on import and job will go back here in U.S.
The value of houses will then rebound and the foreclosure will diminiss.
_ Simple economics and not politics.

February 10 2011 at 10:11 AM Report abuse -2 rate up rate down Reply

I see our government is just putting the economy as a top priority. Banks, auto makers, slashing the federal budget, everything is talked about except the one MAJOR thing that could fix this whole mess. JOBS!!! If you put jobs as number one priority -- money again would be flowing into social security/medicare -- people would be putting into unemployment not taking out - food stamps / welfare would decrease. People could afford their homes and maybe if the government pressured the bankster home loan mods could be successful instead of the failure it was. JOBS Morons in washington JOBS JOBS

February 10 2011 at 8:45 AM Report abuse +3 rate up rate down Reply
1 reply to jkennedy806's comment

the only way to create jobs is to make government smaller, taxes fewer and markets free...and, in Washington, they are doing the opposite!

February 10 2011 at 10:31 AM Report abuse +3 rate up rate down Reply

The simple answer to Fix our economy and to create Jobs is:
The "One - Year Mortgage Holiday" 9 Point Economic Recovery & Jobs Plan as fully detailed at www.saveoureconomy.com is indeed the silver bullet solution to solve the current housing, credit, banking, financial crises, that will immediately jump start our economy, create millions of new Jobs, stimulate growth and generate long term economic prosperity through out America! The Mortgage Holiday Plan is the bold, ingenious ultimate "Trickle Up" stimulus plan that will help all home owners, renters and small/medium businesses that will actually work to stabilize the housing market and get America's economic wheel of commerce rolling again, which will also help balance the Federal budget and help start reducing the National Debt, which will strengthen the American dollar.

The Mortgage Holiday is a fair and balanced legitimate stimulus plan, Of, By and For the People, Main Street that empowers We The People, allowing us to have a well deserved one year time out from making our monthly mortgage payment, so that we can decide how best to save, spend & invest our own money. Renters of apartments, office & retail space will also receive a monthly savings and partial rebate in rent.

If you should agree, then we urge you to speak out in support of the "One - Year Mortgage Holiday" 9 Point Economic Recovery & Jobs Plan, that is supported by a majority of American's across the country, that actually take the time to simply read the Plan at www.saveoureconomy.com!

February 10 2011 at 8:19 AM Report abuse +5 rate up rate down Reply
1 reply to Mark's comment

Actually there is a program for that it's called Piggyback, the banks put two years 24 months of payments in the back of your loan. banksters don't want to do it and the government won't make them

February 10 2011 at 8:47 AM Report abuse +4 rate up rate down Reply