Foreclosures down significantly from year ago

Foreclosures rose slightly in January, but declined 17 percent overall compared to last year, Housing Predictor reported.

More than 261,000 filings were posted, representing a 1 percent increase over December. But the temporary halt in foreclosures in 26 states during the robo-signing controversy was mainly responsible for the year-over-year decline.

“Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing,” said RealtyTrac CEO James Saccacio.