Increase in foreclosures might follow January's drop, RealtyTrac says

02/16/2010 | PropertyWire.com

Real estate foreclosures in the U.S. declined 10% last month, but an increase might be on the way as alternatives to foreclosure are abandoned or fall through, said data provider RealtyTrac. "If history repeats itself, we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan-modification programs or the new short sale and deed-in-lieu-of-foreclosure alternatives works," said James Saccacio, the company's CEO.

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