Posted: Feb 11, 2010 8:48 AM by Bea Karnes, News First 5
Updated: Feb 11, 2010 8:48 AM
The number of U.S. households facing foreclosure in January dropped compared to December but increased 15 percent from the same month last year.
Experts say a surge in cash-strapped homeowners who've fallen behind on mortgages could be on the way.
RealtyTrac Inc. says more than 315,000 households received a foreclosure-related notice in January, down nearly 10 percent from 349,000 in December. December was the third highest total since the company began tracking foreclosure data in 2005.
Patrick Newport, an economist with IHS Global Insight, says there are "a lot" of foreclosures coming in the future.