Foreclosure Starts Plunge in January

Irvine, CA, Feb. 14, 2013 -- The number of U.S. homes beginning the foreclosure process declined January to a level not seen since the peak of the housing boom, according to tracking firm RealtyTrac.

Foreclosure starts fell 28% last month from January 2012 and 11% from the previous month to 64,773.

The last time fewer homes entered the foreclosure process in a single month was June 2006.

The decline in starts was most evident in California, where the number fell 75% from the previous year and 62% from December, due largely to laws that went into effect Jan. 1 to increase foreclosure protection for homeowners.

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