There were 150,864 U.S. properties with default notices, scheduled auctions and bank repossessions in January, a 7% decrease from December, RealtyTrac reported. One in every 869 U.S. housing units had a foreclosure filing last month.
RealtyTrac Vice President Daren Blomquist said the U.S. foreclosure landscape last month was altered by the effects of new legislation in California that took effect at the start of the year. The new law extends many of the principles in the national mortgage settlement, including a prohibition on so-called dual tracking and requiring a single point of contact for borrowers facing foreclosure, to all mortgage servicers operating in California, Mr. Blomquist noted. The law also imposes fines of up to $7,500 per loan for filing of multiple unverified foreclosure documents.