Foreclosure Filings Fall in January

Irvine, CA, Feb. 10, 2011 -- Foreclosure filings plummeted in January but it was likely a temporary phenomenon.

The number of homes receiving foreclosure filings fell 17% in January compared to a year earlier, RealtyTrac reported on Thursday.

However, that's 261,333 properties and a 1% increase compared to December.

"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 Saccacio, CEO of RealtyTrac.

However, he said it's a sign that lenders have become mired in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing."

More than 78,000 borrowers lost their homes in January, easing off last September's record 102,000.

RealtyTrac said it expects a spike in foreclosures in the first quarter.