U.S. foreclosures surged 18% or dropped 10%?

RealtyTrac reports that foreclosure notices on U.S. properties in January 2009 climbed 18% above the previous year’s figures while they fell by 10% against December 2008. The total number of foreclosure filings which include default notices, auction-sale notices, and bank repossessions, was 274,399. Thus 1 in every 466 U.S. housing units was the subject of a filing.

According to the statement made by James J. Saccacio, RealtyTrac's chief executive, the decrease from December records is likely a result of ‘the Fannie Mae and Freddie Mac moratorium on all foreclosure sales that was extended through the end of January, along with Florida's voluntary 45-day freeze on all new foreclosure actions and scheduling of foreclosure sales that was announced at the beginning of December’.

Meantime, the number of real-estate-owned, which measures completed foreclosures by lenders, across the country in January dropped by 15% with 20% decrease in foreclosure activity recorded in Florida. The highest foreclosure rate was in Nevada with 1 in every 76 housing units receiving some sort of foreclosure filing. The number 2 state was California with one in every 173 housing units, and Arizona was third, with one in every 182.