Foreclosures Decrease in January: Report

The new year seems to be getting off on the right foot. According to statistics from Miami-based ""Bank Foreclosures Sale"":http://www.bankforeclosuressale.com/, an online provider of foreclosure listings and information, foreclosure rates in states across the nation were significantly lower in January.

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The number of foreclosures for sale fell to 315,710 in January, marking a 10 percent decline from December. These positive figures indicate possible recovery within the housing market, but experts say it is important to note that while this month's total may be down from December, it is still 15 percent higher than it was in January 2009. Still, a decrease in foreclosure, even on a month-to-month basis, is a step in the right direction.

The statistics for regional markets also showed positive signs. The top-six states for foreclosure rates, including Nevada, Arizona, California, Florida, Texas, and Illinois, accounted for 60 percent of the national foreclosure property total, but Bank Foreclosure Sale said most of these states saw nowhere near the foreclosure growth rates experienced in the past.

Foreclosures in Florida plummeted 14.9 percent, and both Texas and California saw an 11 percent decrease in foreclosed homes. Phoenix, Arizona was the only metropolitan area in the top 10 to see an increase in foreclosure in January, and it was only a 4 percent gain.

Other states with notable decreases in foreclosure homes during January were New Jersey, down 39.3 percent; Alabama, where foreclosures dropped 28.4 percent; North Carolina, down 11.3 percent; and Ohio, with a 5.5 percent reduction.

However, some states did see hikes in foreclosures in January, but surprisingly these increases were seen in states not usually associated with high foreclosures. Experts believe the growth in foreclosures in Delaware, soaring 78.9 percent; Nebraska, up 68.4 percent; and Oregon, jumping 13.5 percent, are most likely the result of these states continuing to experience the effects of unemployment and the economic recession.