Monthly foreclosure filings took a surprising turn and rose 8 percent to 124,419 last month from December, reports RealtyTrac.
Foreclosure activity has now declined on a year-over-year basis for 40 months in a row, with volume declining 18 percent from January 2012. "The monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust," said RealtyTrac's Daren Blomquist.
The foreclosure rebound pattern was seen in judicial states like New Jersey as well as in some non-judicial states like California. As a whole, 57,259 U.S. properties started the foreclosure process for the first time in January, up 10 percent from December but still down 12 percent from last year. This month, foreclosure starts rose from a year ago in 22 states.