Foreclosure Notices Fall in January

Irvine, CA, Feb. 11, 2010--Over 315,000 homeowners received a foreclosure-related notice in January, RealtyTrac Inc. said Thursday.

The number is down nearly 10 percent from 349,000 in December, which saw the third highest total since the company began tracking foreclosure data in 2005.

In January, one in 409 homes were sent a filing. Banks repossessed more than 87,000 homes in January, down 5 percent from December but still up 31 percent from January 2009.

January marked the 11th straight month with more than 300,000 properties receiving a foreclosure filing. The numbers could stay above that level as unemployed homeowners who have tried to keep up with their mortgages finally start missing monthly payments.

"I don't think it's an early sign of the coming of the end of the foreclosure crisis," said Rick Sharga, senior vice president of RealtyTrac.

A record 2.8 million households were threatened with foreclosure last year, and the numbers are expected to rise to between 3 and 3.5 million homes this year, RealtyTrac said.