[EMBARGOED UNTIL 9:01 PM PACIFIC TIME ON WEDS. FEB 15]
Foreclosure activity in the U.S. in January declined 19% from a year earlier, according to a report by RealtyTrac of Irvine.
Despite the drop in foreclosure filings — from the default notice that begins the foreclosure process to the auction scheduling and the sale of the house — the foreclosure tracking company said in a release that foreclosures are primed to increase.
For the first time in more than 12 months, foreclosure activity increased in several states where a court order is typically required to take a home back, including Florida, Illinois, Indiana and Pennsylvania.
“We expect the pattern of increasing foreclosures to continue in coming months, especially given the finalized mortgage and foreclosure settlement,” RealtyTrac Chief Executive Brandon Moore said.