Tuesday, February 13, 2007

Foreclosures Up 25% in January

From CBS Marketwatch:

The number of U.S. homes entering the foreclosure process because of nonpayment on mortgages rose to 130,511 in January, 25% more than in January 2006, according to data released Monday by Realtytrac Inc.

The foreclosure rate was one for every 886 U.S. households.

The 130,511 foreclosures is the highest monthly total since the firm began tracking national foreclosures two years ago. Foreclosures were up 19% compared with December.

This data set is only two years old, so reading too much into it is a bit dangerous. But, 25% is a big jump and too large to be considered statistical noise.

I also wanted to add that if memory serves, the national foreclosure rate is still pretty low by historical standards. If someone has a chart on an exact figure, please chime in.