Foreclosures Fall From December To January - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Foreclosures Fall From December To January

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IRVINE, Calif. (AP) - January was another tough month for homeowners.

The foreclosure listing service, RealtyTrac, says more than 274,000 homes received at least one foreclosure-related notice last month.

That's one in every 466 homes.

It was a 10% improvement over December's foreclosures but was 18% worse than for January a year ago.

The numbers would have been even worse if not for efforts to stall the foreclosure process. Government-controlled mortgage companies Fannie Mae and Freddie Mac, for instance, suspended foreclosure sales during the winter holidays.

Experts say such efforts may not help much in the long run. RealtyTrac vice president Rick Sharga says if you don't get to the core problem, "all you're doing is extending the housing downturn."

Nevada, California and Arizona posted the top state foreclosure rates, while Florida, California and Arizona had the highest foreclosure totals.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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