Foreclosure Numbers on the Rise

Up from last month, but down from a year ago

Thursday, Feb 16, 2012  |  Updated 1:43 PM EDT
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Foreclosure Numbers on the Rise

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Despite the economy improving slowly but surely, the number of foreclosures are on the rise.

The foreclosure listing firm RealtyTrac says foreclosures were up 8% in January from December.

While that number seems bad, it’s down 15% from a year earlier.

Unfortunately, the number of foreclosures is expected to rise because of a recent agreement between 49 states and the country’s largest mortgage lenders.

The mortgage lenders were accused of “robo-signing” foreclosure forms, speeding up the process and at times foreclosing on homes that shouldn’t have been.

As a result, an investigating was started, and the agencies temporarily stopped foreclosing on homes.

Now that mortgage lenders are once again foreclosing, RealtyTrac projects foreclosures will go up 25% this year to around 1 million homes.

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