Banks took back 30,226 homes last month, a 4 percent drop from December, according to RealtyTrac. Lenders have repossessed fewer U.S. homes in January, bringing the number of foreclosures down to its lowest level in more than six years.
Even with the recent drop, many states posted a sharp increase in the number of homes entering the foreclosure process for the first time, a trend that raises the likelihood that those states will see a surge in foreclosed homes later this year.
It looks as if the U.S. housing market has finally emerged from its slump. Home prices have steadily increased, there has been steady job growth and more homeowners are keeping up with their mortgage payments.
Florida and New York, two states which continue to have a backlog of homes with unpaid mortgages, are only now entering the foreclosure process or being scheduled for auction. Foreclosures peaked in 2010 at 1.05 million and have been declining ever since.
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