Foreclosure Surge Expected After 15 Percent Jump from Year Ago

foreclosureNew data from research firm RealtyTrac shows that U.S. foreclosures reached 315,716 in January -- a 10% decline from December but a 15% increase from the same time last year. And the pain is expected to continue. "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 RealtyTrac CEO James J. Saccacio.

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