In its Foreclosure Market Report, Realty Trac reported an 8 percent rise in foreclosures reported from December 2013 to January 2014. But, the news is not all bad. While foreclosures were up at the start of this year, they were down 18 percent from 12 months prior.
VP of Realty Trac Daren Blomquist says, " the monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to clearing the wreckage of the housing bust."
In addition to the increase in foreclosures, foreclosure auctions are up as well. They increased 13 percent in January from the December 2013, but were still down 8 percent from a year ago. On the flip side, bank repossessions were down 4 percent from the previous year and bank owned properties were down 40 percent from the previous year.
Currently, approximately 124,419 properties have foreclosure filings on them. That includes default notices, scheduled auctions and bank repossessions.